DRTTF - DIRTT Announces Results of its Substantial Issuer Bid and Tender Offer | Benzinga
CALGARY, Alberta, March 25, 2024 (GLOBE NEWSWIRE) -- DIRTT Environmental Solutions Ltd. ("DIRTT" or the "Company") (TSX:DRT, OTC:DRTTF), a leader in industrialized construction, announced today the results of its substantial issuer bid and tender offer commenced on February 15, 2024, as varied on March 5, 2024 (as amended, the "Offer") to repurchase for cancellation: (i) up to C$6,000,000 principal amount of its issued and outstanding 6.00% convertible unsecured subordinated debentures due January 31, 2026 (the "January Debentures") (CUSIP: 25490HAA4) at a purchase price of C$720 per C$1,000 principal amount of January Debentures; and (ii) up to C$9,000,000 principal amount of its issued and outstanding 6.25% convertible unsecured subordinated debentures due December 31, 2026 (the "December Debentures", and, collectively with the January Debentures, the "Debentures") (CUSIP: 25490HAB2) at a purchase price of C$600 per C$1,000 principal amount of December Debentures (or such larger principal amount of Debentures as the Company, in its sole discretion, may determine it is willing to take up and pay for, subject to applicable law).
The Offer expired on March 22, 2024 at 5:00 p.m. (Toronto Time). Based on the final report provided by the depositary for the Offer, C$4,693,000 aggregate principal amount of January Debentures and C$5,775,000 aggregate principal amount of December Debentures were validly deposited and not withdrawn at the expiration of the Offer, representing approximately 11.66% of the January Debentures and 16.50% of the December Debentures issued and outstanding. The Company will take up all of the Debentures tendered pursuant to the Offer for aggregate consideration of approximately C$6,843,960 (excluding all accrued and unpaid interest).
The aggregate purchase price for the January Debentures validly deposited under the Offer will be approximately C$3,418,304.05 and the aggregate purchase price for the December Debentures validly ...