Invesque Inc. Completes Private Placement of Preferred Shares to Funds Managed by Magnetar Financial LLC

Goodmans LLP represented Invesque Inc. (Invesque) in its private placement of preferred shares in three tranches for proceeds of US$71.5 million to certain funds managed by Magnetar Financial LLC (Magnetar). The first tranche closed on December 22, 2017 and resulted in the issuance of 2,802,009 Class A Series 1 Convertible Preferred Shares to Magnetar at a price of US$9.4575 per share for aggregate gross proceeds of US$26.5 million. The second tranche closed on February 9, 2018 which resulted in the issuance of 3,172,086 Class A Series 2 Convertible Preferred Shares for aggregate gross proceeds of US$30 million. The third and final tranche closed on March 29, 2018 which resulted in the issuance of 1,586,042 Class A Series 3, convertible preferred shares for aggregate gross proceeds of US$15 million. Total proceeds of the private placement totalled US$71.5 million. The proceeds from the investment will be used for the repayment of debt, for general working capital purposes and to fund future acquisitions.