/NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 25, 2021 /CNW/ - Polaris Infrastructure Inc.
("Polaris Infrastructure" or the "Company") (TSX: PIF) is pleased
to announce that it has closed its previously announced offering of
2,556,450 common shares (the "Common Shares") of Polaris
Infrastructure at a price of C$20.25
per Share for aggregate gross proceeds to the Company of
C$51,768,112.50, including the full
exercise by the Underwriters (defined below) of the over-allotment
option (the "Offering"). The Offering was made pursuant to a final
short form prospectus dated February 18,
2021 in each of the provinces of Canada other than Québec.
The Company intends to use the net proceeds of the Offering to
fund strategic growth initiatives, which may include acquiring
additional projects or businesses or further developing the
Company's existing projects. The purpose of the Offering is to
strengthen the Company's financial position in order to have ready
access to additional capital for deployment, as previously unknown
strategic growth initiatives arise from time to time.
The Common Shares were offered by Cormark Securities Inc.,
Clarus Securities Inc., Raymond James Ltd., iA Private Wealth Inc.
and Beacon Securities Limited (collectively, the
"Underwriters").
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States, nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities issued
pursuant to the Offering have not been, and will not be registered
under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act") or under any U.S. state securities laws, and may
not be offered or sold in the United
States or to, or for the account or benefit of, U.S.
persons, absent registration or an applicable exemption from the
registration requirements of the U.S. Securities Act and applicable
state securities laws.
About Polaris Infrastructure
Polaris Infrastructure is engaged in the acquisition,
development and operation of renewable energy projects in
Latin America. The Company
currently has operations primarily in Nicaragua and Peru. The Company, through certain of its
subsidiaries, owns and operates a 72MW geothermal project located
in Nicaragua and 5MW and 28MW
run-of-river projects located in Peru. Polaris Infrastructure continues to
focus on its growth and diversification strategies in both the
short and medium term.
Notice on Forward-Looking Statements:
Certain statements contained herein, including statements
related to use of net proceeds of the Offering, constitute
"forward-looking statements". Forward-looking statements look into
the future and provide an opinion as to the effect of certain
events and trends on the business. Forward looking statements may
include words such as "plans", "intends", "anticipates", "should",
"estimates", "expects", "believes", "indicates", "targeting",
"suggests" and similar expressions. These forward-looking
statements are based on current expectations and entail various
risks and uncertainties. Reference should be made to the issuer's
public filings available at www.sedar.com and at
www.polarisinfrastructure.com, including its most recent Annual
Information Form filed with the Canadian securities regulators, its
most recent Consolidated Financial Statements and Notes thereto and
related Management's Discussion and Analysis (MD&A), and the
final short form prospectus filed in connection with the Offering,
for a summary of material risks. These risks are not intended to
represent a complete list of the risks that could affect the
issuer; however, these risks should be considered carefully. Actual
results may materially differ from expectations, if known and
unknown risks or uncertainties affect our business, or if our
estimates or assumptions prove inaccurate. The forward-looking
statements contained herein describe the issuer's expectations at
the date of this news release and, accordingly, are subject to
change after such date. The issuer assumes no obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or any other reason, other than as
required by applicable securities laws. In the event the issuer
does update any forward-looking statement, no inference should be
made that the issuer will make additional updates with respect to
that statement, related matters, or any other forward-looking
statement. Readers are cautioned not to place undue reliance on
these forward-looking statements.
SOURCE Polaris Infrastructure Inc.