Clearwater Seafoods Incorporated Announces Closing of $46 Million Bought Deal Financing and Concurrent $15 Million Non-Brokered Private Placement

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HALIFAX, June 30, 2015 /CNW/ – Clearwater Seafoods Incorporated (TSX: CLR) (“the Company” or “Clearwater“) is pleased to announce that it has completed the issuance to the public, on a bought deal basis, of an aggregate of 3,755,900 common shares (“Shares“), including 489,900 common shares issued pursuant to the exercise in full of the over-allotment option, from the treasury of the Company. The Shares were offered at a price of $12.25 per Share (the “Offering Price“), for gross proceeds to Clearwater of approximately $46 million. The syndicate of investment dealers was led by Cormark Securities Inc. and included Beacon Securities Limited and Scotia Capital Inc. (the “Underwriters“).

Furthermore, the Company completed a non-brokered private placement with certain existing shareholders for approximately $15 million, resulting in total gross proceeds from the offering of approximately $61 million.

The net proceeds of the offering will be used for growth opportunities and general working capital and, pending use of such proceeds, will be invested in accordance with the Company’s investment policy guidelines as approved by the Company’s board of directors and the net proceeds may be used to repay balances on revolving credit facilities of the Company or Clearwater Seafoods Limited Partnership outstanding from time to time.

The Shares were also offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

COMMENTARY REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain “forward-looking information” as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of Clearwater, constitute forward-looking information that involve various known and unknown risks, uncertainties, and other factors outside management’s control. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect including, but not limited to, total allowable catch levels, selling prices, weather, exchange rates, fuel and other input costs. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.

For additional information with respect to risk factors applicable to Clearwater, reference should be made to Clearwater’s continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Clearwater’s Annual Information Form. The forward-looking information contained in this release is made as of the date of this release and Clearwater does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

No regulatory authority has approved or disapproved the adequacy or accuracy of this news release.

About Clearwater
Clearwater is one of North America’s largest vertically integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, crab and groundfish.

Since its founding in 1976, Clearwater has invested in science, people and technological innovation as well as resource ownership and management to sustain and grow its seafood resource. This commitment has allowed it to remain a leader in the global seafood market and in sustainable seafood excellence.

SOURCE Clearwater Seafoods Incorporated