Tantalus Closes C$10.6M Overnight Marketed Financing – Tantalus
Summary
Canaccord Genuity Corp. and Cormark Securities Inc. acted as co-leads of the offering that included Beacon Securities Limited, PI Financial Corp. and Paradigm Capital Inc. as part of the syndicate (collectively, the Underwriters).Over the past six months, Tantalus successfully transitioned into a publicly-traded company by initially listing on the TSX Venture Exchange by way of a Qualifying Transaction and quickly graduating to the TSX, said Mr. Peter Londa, President and CEO of Tantalus. By accessing the public markets, we secured in that time frame more than C$20M in capital to strengthen our balance sheet and accelerate our multi-pronged growth strategy. The Company also issued to the Underwriters 282,606 compensation warrants (the Compensation Warrants), representing 6.0% of the common shares issued under the Offering, with each Compensation Warrant exercisable for one common share at an exercise price of $2.25 for a period of two years following the closing, subject to adjustment in certain events.Tantalus will file and announce its Q2 financial results on August 16, 2021.Tantalus is a smart grid technology company that transforms aging one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities and the communities they serve. All this gives our user community the flexibility they need to get the most value from existing infrastructure investments while planning for future requirements.This news release contains forward-looking information within the meaning of applicable securities laws. Forward-looking information in this news release includes statements regarding the Offering generally, including our planned allocation of capital to strategic initiatives to expand our growing market position within the public power and electric cooperative utility sector, including accelerating research and development initiatives to deliver next-generation solutions that digitize the distribution grid, pursuing a number of corporate development initiatives that may include strategic partnerships, mergers and acquisitions, and investing in sales and marketing initiatives .In connection with the forward-looking information contained in this news release, Tantalus has made numerous assumptions, regarding, among other things: that financial markets will not in the long term be adversely impacted by the COVID-19 pandemic and the absence of material adverse changes in our business, our industry or the global economy.
Funding
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