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BRIEF-Cascades Green-Lights Bear Island Project, Announces C$125 Million Bought Deal Public Equity Offering

Published 2020-10-05, 04:46 p/m
Updated 2020-10-05, 04:48 p/m
© Reuters.

Oct 5 (Reuters) - Cascades Inc CAS.TO :

* CASCADES GREEN-LIGHTS BEAR ISLAND PROJECT AND CONCURRENTLY ANNOUNCES A CAD$125 MILLION BOUGHT DEAL PUBLIC EQUITY OFFERING

* CASCADES INC - UNDERWRITERS WILL PURCHASE ON A "BOUGHT DEAL BASIS", 7.4 MILLION COMMON SHARES AT A PRICE OF $16.80 PER COMMON SHARE

* CASCADES INC - BEAR ISLAND MILL PLANT WILL HAVE AN ANNUAL PRODUCTION CAPACITY OF 465,000 SHORT TONS AND IS SCHEDULED TO START UP IN Q4 OF 2022

* CASCADES INC - BEAR ISLAND MILL WILL OPERATE AT APPROXIMATELY 80% OF CAPACITY BY END OF 2023, REACHING 100% BY END OF 2025

* CASCADES - DURING PROJECT DEVELOPMENT PERIOD, EXPECTS TO LIMIT CAPITAL INVESTMENT ENVELOPE TO ABOUT $200 MILLION ANNUALLY, EXCLUDING BEAR ISLAND PROJECT

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