Special purpose acquisition company Osisko Green Acquisition Ltd. announced Tuesday that it has filed a preliminary prospectus for an initial public offering. The proposed offering eyes to raise US$250.0 million.
The offering consists of 25.0 million units priced at US$10.00 per unit. Each unit is composed of one Class A restricted voting share and one-half of a purchase warrant. Each whole warrant is redeemable to purchase one Class A restricted voting share at US$11.50 per share within 5 years after the issuance date.
The company has granted the underwriters a 30-day over-allotment option to purchase additional 3.75 million company units, potentially bringing the offering proceeds to US$287.5 million. The offering is being distributed by a syndicate of underwriters led by Eight Capital.
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The newly-organized blank check company intends to effect its acquisition plans of one or more businesses within 18 months of the offering. Osisko Green relayed that it will be shifting away its target businesses from fossil fuel-based to green energy companies with enterprise value between US$500 million to US$1 billion.
Osisko Green will be managed by a board composed of management officials from other Osisko companies, including Osisko Gold Royalties (TSX: OR) Chairman Sean Roosen and Osisko Mining (TSX: OSK) COO Don Njegovan as the new company’s CEO and President, respectively.
Information for this briefing was found via Sedar and Osisko Green. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
