Parts distributor Mining and Allied Supplies (Canada) says it has filed for an initial public offering of up to six million units consisting of one common share and one common share purchase warrant.
The $6-million issue is being offered through BBN James Capel and Research Capital and provides for a minimum offering of 750,000 units that the agents have agreed to purchase, subject to certain conditions.
The Toronto Stock Exchange has conditionally approved the listing of the parts distributor’s common shares and warrants.
If all the units are sold, Mining and Allied Supplies PLC (LSE) will own a 74.9% interest in the company.
Mining and Allied Supplies (Canada), with 33 branches operating from Quebec to Alberta, is a major distributor of bearings and power transmission parts to the Canadian resource industry. Proceeds of the financing will be used to expand the company’s current business operations into a national branch network and reduce its short-term debt.
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