Date Closed

June 28, 2018

Lead Office

Vancouver

Value

57.60 Million CAD

On June 26, 2018, Pinnacle Renewable Holdings ("Pinnacle"), along with ONCAP Entities, closed its previously announced secondary offering of common shares, by ONCAP II L.P., ONCAP (US) II L.P., ONCAP (US) II-A L.P., Onex Parallel Investment (ONCAP) L.P., Biomass EI Ltd. (collectively, “ONCAP Entities”), Jim Swaan Holdings Inc. and Rob Swaan Holdings Inc. The offering consisted of an aggregate of 4,186,000 common shares of Pinnacle at a price of $13.75 per common share for total gross proceeds of $57.6 million. The offering included common shares sold to the underwriters upon the exercise in full of an over-allotment option. Pinnacle did not receive any proceeds from the offering. 

Located in British Columbia, Pinnacle is one of the world's leading manufacturers and distributors of industrial wood pellet, and the third largest producer in the world. Pinnacle produces renewable fuel for electricity generation in the form of industrial wood pellets, which are used by global utilities and large-scale power generators to produce renewable and reliable baseload power.

McCarthy Tétrault LLP advised Pinnacle with a team led by Robin Mahood and Wendi Locke that included Claire Sung, Elaine Sun and Erin O’Callaghan.