Prime Dividend Corp. Announces Warrant Offering
24 April 2012 - 12:11AM
Marketwired
Prime Dividend Corp. (the "Company") is pleased to announce that it
will issue warrants ("Warrants"), to all Class A Shareholders. Each
Class A Shareholder will be entitled to receive one Warrant for
each Class A Share held as of the record date of May 4, 2012. One
Warrant will entitle the holder to purchase a Unit consisting of
one Class A Share and one Preferred Share for $17.25. The Warrants
are exercisable at anytime up to 5:00 p.m. (Toronto time) on
February 28, 2013, the expiry date. If all the Warrants are
exercised, the Company will issue approximately 1,539,460 Units and
will receive net proceeds of $25,955,820. The net proceeds from the
subscription of Units will be used to acquire additional securities
in accordance with the Company's investment objectives, strategies
and restrictions. By raising additional cash through this offering
it allows the Company to capitalize on certain attractive
investment opportunities that may arise over the next few months.
In addition, if the full subscription was exercised the offering
could increase the trading liquidity of the Company and reduce the
management expense ratio.
Both the Preferred Shares and Class A Shares trade on the
Toronto Stock Exchange (the "TSX") under the symbol "PDV.PR.A." and
"PDV" respectively. The Warrants will be listed on the TSX under
the ticker symbol "PDV.WT". It is expected that Warrants will
commence trading on May 7, 2012 and continue trading until 12:00
(EST) on February 28, 2013.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and
similar expressions to the extent they relate to the Company. The
forward-looking statements are not historical facts but reflect the
Manager's current expectations regarding future results or events.
These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results or events to
differ materially from current expectations. Although the Manager
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. The Manager undertakes no obligation
to update publicly or otherwise revise any forward-looking
statement or information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
Contacts: Prime Dividend Corp. Investor Relations 416-304-4443
or Toll free at 1-877-4-Quadra (1-877-478-2372)
www.primedividend.com
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