MISSISSAUGA, Ont. — Temple Hotels Inc. has announced a rights offering scheduled for Nov. 15, in order to raise up to $50 million. The company intends to use the net proceeds of the offering to repay the Series-C convertible redeemable unsecured subordinated debentures, as well as other debt and for general corporate purposes and working capital.
Through the offering, every 1.0526272 rights will entitle shareholders to subscribe for one common share upon payment of the subscription price of $0.6769 per common share — representing a 20-per-cent discount to the five-day volume-weighted average price.
Complete details of the rights offering are set out in the offering circular and rights offering notice, which was filed earlier this week and will be available under Temple’s profile at sedar.com.