TransactionsTonbridge Power Inc. Completes $15.5 Million Prospectus OfferingPublished: 03/02/2010 By Peter A. Dunne, David Swain On December 17, 2009, Tonbridge Power Inc. successfully completed a short form prospectus offering at a price of $2.15 per Unit. The Offering was conducted by a syndicate of agents led by Clarus Securities Inc. and including Macquarie Capital Markets Canada Ltd. and Dundee Securities Corporation. In connection with the completion of the Offering, the Agents exercised their overallotment option to increase the number of Units issued in the Offering by 15%. A total of 7,222,000 Units were issued in the Offering for aggregate gross proceeds of $15,527,300. Each Unit consists of one common share of Tonbridge and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at any time within 18 months after December 17, 2009 at a price of $2.60 per common share. Tonbridge intends to use the net proceeds of the Offering for working capital and general corporate expenses, including preliminary evaluation and advancing of a new transmission line in Southern Montana (known as the “Green Line Project”) and other potential power transmission projects in accordance with its stated business objective of establishing, developing, owning and operating power transmission projects and providing transmission line service to electricity shippers in North America. Cassels Brock acted for Tonbridge Power Inc. with a team that included Peter Dunne (Securities), Howard Burshtein (Securities) and David Swain (Securities). |