NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
AKUMIN INC. ANNOUNCES US$35 MILLION BOUGHT DEAL
Toronto, Ontario – April 11, 2018 – Akumin Inc. (“Akumin” or the “Company”) (TSX: AKU.U) is pleased to announce that it has entered into an agreement with Clarus Securities Inc., on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis, 8,750,000 Common Shares (the “Common Shares”) of the Company at a price of US$4.00 per Common Share (the “Offering Price”) for aggregate gross proceeds to the Company of US$35,000,000 (the “Offering”).
The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 1,312,500 Common Shares at the Offering Price, exercisable in whole or in part at any time for a period ending 30 days from and including the closing date of the Offering. If the over-allotment option is exercised in full, the aggregate gross proceeds of the Offering will be US$40,250,000.
The Company intends to use the net proceeds from the Offering: (a) to finance the cash consideration portion of the previously disclosed acquisition by a subsidiary of the Company of certain outstanding non-controlling interests in seven of the Company’s existing Texas-based diagnostic imaging centers, being approximately $17.9 million; (b) to support the Company’s growth initiatives and the acquisitions it pursues from time to time; and (c) for general corporate purposes, including to fund other ordinary course expenses.
The Common Shares will be offered: (a) by way of a short form prospectus to be filed in each of the provinces of Canada, other than the Province of Québec; (b) by way of a private placement in the United States; and (c) in those jurisdictions outside of Canada and the United States which are agreed to by the Company and the Underwriters, where the Common Shares can be issued on a private placement basis, exempt from any prospectus, registration or other similar requirements.
The Offering is expected to close on or about May 2, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press 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 these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Akumin Inc. is a leading provider of outpatient diagnostic imaging services in the United States with 74 centers located in Florida, Texas, Pennsylvania, Delaware, Illinois and Kansas. Akumin’s centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders, and therefore reducing unnecessary invasive procedures, minimizing the cost and improving outcomes for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, X-ray, mammography and other diagnostic or interventional radiology procedures.
For more information, visit www.akumin.com.