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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: - with a K who wrote (18180)	1/20/2004 1:34:28 PM
From: Sergio H	Read Replies (1) \| Respond to of 78462

Kris, any opinion on BEL's recent financing? <Tuesday January 13, 3:45 pm ET OAKVILLE, Ontario--(BUSINESS WIRE)--Jan. 13, 2004--Bennett Environmental Inc. (TSX:BEV and AMEX:BEL), announced today that it has entered into a bought deal financing agreement with an underwriter, pursuant to which the underwriter has agreed to purchase 600,000 Units, each consisting of one Common Share and one-half common share purchase warrant ("Warrant") at a price of $26.00 per Unit, for gross proceeds of $15,600,000, for resale on a private placement basis. Each whole Warrant will entitle the holder to purchase one Common Share at a price of $30.00 for a period of 18 months from Closing. In addition, the underwriter has the option, exercisable until one day prior to the closing date, to purchase up to an additional 400,000 Units that, if exercised, would increase the aggregate gross proceeds of the offering to $26,000,000. The offering is scheduled to close on or about February 3, 2004. The transaction is subject to regulatory approval. All currency is in Canadian Dollars. > The dollar amounts mentioned are Canadian, as I am sure you know, but if I am interpreting the deal correctly, the exercise price is at a modest premium to the current market price.