/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE U.S./
VANCOUVER, BC, Feb. 25, 2021
/CNW/ - Loop Energy Inc. ("Loop" or the
"Company") announced today the successful closing of its
initial public offering (the "Offering") of an aggregate of
6,250,000 Common Shares (the "Offered Shares") of Loop at a
price of $16.00 per Offered Share
(the "Offering Price") for aggregate gross proceeds of
$100,000,000.
The Offered Shares will commence trading today on the Toronto
Stock Exchange under the symbol "LPEN".
National Bank Financial Inc. was the lead underwriter and sole
bookrunner, with a syndicate of underwriters comprised of CIBC
World Markets Inc., Raymond James Ltd., Canaccord Genuity Corp. and
Cormark Securities Inc.
Fasken Martineau DuMoulin LLP acted as legal counsel to the
Company, KPMG LLP are the auditors for the Company, and Goodmans
LLP acted as legal counsel to the underwriters.
"Today we celebrate an important milestone in Loop Energy's
history as we enter the public markets and further advance our
ability to capture growth opportunities on the horizon," said
Ben Nyland, President and Chief
Executive Officer of Loop. "We are extremely thrilled by the
positive response to our IPO and want to express gratitude to both
the investors who brought us to this point as well as those
participating in this offering. We look forward to the next chapter
on our journey and delivering value to shareholders."
Loop has granted the underwriters an over-allotment option (the
"Over-Allotment Option"), exercisable in whole or in part
for a period of 30 days following the closing of the Offering, to
purchase up to an additional 937,500 Offered Shares at the Offering
Price for additional gross proceeds of $15,000,000, if the Over-Allotment Option is
exercised in full.
No securities regulatory authority has either approved or
disapproved the contents of this press release. This press release
does not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale or any acceptance of an
offer to buy these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. Copies of the final
long-form prospectus will be available on SEDAR at
www.sedar.com.
The Offered Shares have not been and will not be registered
under the United States Securities Act of 1933 (the "U.S.
Securities Act"), as amended, or any state securities laws, and
may not be offered, sold or delivered, directly or indirectly, in
the United States or to, or for
the account or benefit of, "U.S. persons" (as defined in Regulation
S under the U.S. Securities Act). Accordingly, the Offered Shares
may not be offered or sold within the
United States unless registered under the U.S. Securities
Act and applicable state securities laws or pursuant to exemptions
from the registrations requirements of the U.S. Securities Act and
applicable state securities laws.
About Loop
Loop is a leading designer of fuel cell systems targeted for the
electrification of commercial vehicles, including, light commercial
vehicles, transit buses and medium and heavy duty trucks.
Loop's products feature the Company's proprietary eFlow™ technology
in the fuel cell stack's bipolar plates, eFlow™ was designed to
enable commercial customers to achieve performance maximization and
cost minimization. Loop works with OEMs and major
vehicle sub-system suppliers to enable the production of fuel cell
electric vehicles. For more information about how Loop
is driving towards a zero-emissions future,
visit www.loopenergy.com.
Forward-Looking Information
This press release may contain forward-looking information
within the meaning of applicable securities legislation, which
reflect management's current expectations regarding future events.
Forward–looking information is based on a number of assumptions and
is subject to a number of risks and uncertainties, many of which
are beyond the Company's control, which could cause actual results
and events to differ materially from those that are disclosed in or
implied by such forward–looking information. Such risks and
uncertainties include, but are not limited to, the ability of the
Company to execute on its strategy and the factors discussed under
"Risk Factors" in the final long-form prospectus of the
Company dated February 18,
2021. Loop disclaims any obligation to update these
forward-looking statements.
SOURCE Loop Energy Inc.
