TORONTO, ONTARIO -- (Marketwired) -- 12/30/13 -- Park Lawn Corporation (TSX VENTURE: PLC) ("Park Lawn" or the "Company"), Canada's only publicly-traded cemetery, cremation and funeral services business, announces that it has closed the sale of an additional 35,538 common shares (the "Additional Shares") at a price of $8.60 per common share (the "Offering Price") for gross proceeds of $305,626.80. The Additional Shares were issued pursuant to the exercise of the over-allotment option granted in connection with the Company's previously announced public offering which closed on December 5, 2013 (the "Offering").
The Offering was conducted through a syndicate of agents led by Mackie Research Capital Corporation, and including Richardson GMP Limited (the "Agents"). The Agents were paid a cash commission equal to 6.5% of the gross proceeds of the Additional Shares and the Agents were also issued broker warrants enabling them to purchase such number of common shares as is equal to 6.5% of the number of Additional Shares with such broker warrants being exercisable for a period of 24 months from today's date at the Offering Price.
Including the Additional Shares, the aggregate gross proceeds to the Company pursuant to the Offering was approximately $9,305,630. The total number of common shares outstanding is now 4,797,560.
About Park Lawn
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold to people on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company owns and operates six cemeteries in the Greater Toronto Area, and operates the crematorium at the Brampton Crematorium and Visitor Centre. The Harmonia business of the Company currently operates in Quebec City, Laval, Saint-Apollinaire and Montreal. Park Lawn's common shares are listed on the TSX Venture Exchange under the symbol "PLC". The Company is the only Canadian publicly listed cemetery, funeral and cremation business. Park Lawn makes monthly dividend payments to its shareholders. The monthly dividend has been paid each month since January, 2011 and is currently $0.038 per share ($0.46 per share on an annual basis).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking information. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Offering and the completion and timing of the Offering. These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's revised annual information form available on www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, the Company does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.
Park Lawn Corporation
Chief Executive Officer