Le Lézard
Classified in: Business, Covid-19 virus
Subject: FINANCING AGREEMENTS

Trisura Group Ltd. Announces C$50 Million Bought Deal Financing


Not for distribution to U.S. news wire services or dissemination in the United States.

TORONTO, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Trisura Group Ltd. ("Trisura" or "Trisura Group) (TSX: TSU), a leading specialty insurance provider, has announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets (collectively, the "Underwriters"), under which the Underwriters have agreed to buy on bought deal basis 1,520,000 common shares (the "Common Shares") of Trisura, at a price of $32.90 per Common Share (the "Offering Price") for gross proceeds of approximately $50 million (the "Offering").

"Our business continues to perform beyond our expectations, as demonstrated by recent operating profitability and growth. New capital will continue to position Trisura to support that potential in Canada and the U.S. for the long term, as well as proactively capitalize our US Surety platform and benefit from attractive investment income," said David Clare, President and CEO.

The net proceeds of the Offering will be used for general corporate purposes including, but not limited to, supporting growth of the platform in both Canada and the U.S.

Trisura has granted the Underwriters an option, exercisable in whole or in part at any time at the Offering Price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Common Shares issued under the Offering to cover over-allotments, if any.

The Common Shares to be issued under the Offering will be offered by way of a prospectus supplement to be filed in each of the provinces and territories of Canada, and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws, and certain other jurisdictions outside of Canada and the United States.

The Offering is expected to close on or about August 21, 2023, and is subject to Trisura receiving all necessary regulatory approvals.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Trisura Group
Trisura Group Ltd. is a specialty insurance provider operating in the surety, risk solutions, corporate insurance, fronting and reinsurance segments of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada ("Trisura Canada") and the United States ("Trisura US"). Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol "TSU".

Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group's SEDAR+ profile at www.sedarplus.ca.

For further information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: [email protected]

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains "forward-looking information" within the meaning of Canadian provincial securities laws and "forward-looking statements" within the meaning of applicable Canadian securities regulations. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Trisura and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as "expects," "likely," "anticipates," "plans," "believes," "estimates," "seeks," "intends," "targets," "projects," "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may," "will," "should," "would" and "could". Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Trisura to differ materially from anticipated future results, performance or achievement expressed or implied by such forward looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; developments related to COVID-19, including the impact of COVID-19 on the economy and global financial markets; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada. We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Trisura undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.



These press releases may also interest you

at 17:00
zkLink, the leading zero-knowledge(ZK) Layer 3 infrastructure provider, today announced the launch of zkLink Nova, the industry's first aggregated Layer 3 zkEVM rollup network, based on zkSync's ZK Stack and zkLink Nexus. zkLink Nova unifies...

at 15:07
The secondary market for luxury watches is worth $25 billion. Analysts say it will outstrip the primary market by 2032. However, the WatchCharts Overall Index is down almost 40% since its March 2022 peak.While losses may have slowed in recent months,...

at 15:00
WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of InMode Ltd. between June 4, 2021 and October 12, 2023, both dates inclusive (the "Class Period"), of the important April 15, 2024 lead plaintiff deadline....

at 13:49
We, Prime Minister of Canada Justin Trudeau and President of the Council of Ministers of Italy Giorgia Meloni, met today in Toronto, Ontario, to reaffirm the profound friendship and the shared values that bind Canada and Italy and to discuss our...

at 12:01
Sure, Phil Zamloot's team can make you a great trade show booth at a really good price. But that's not what makes him and his company, Metro Exhibits, so successful....

at 12:00
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Inari Medical, Inc. resulting from allegations that Inari Medical may have issued materially misleading...



News published on and distributed by: