Not for distribution to United States newswire services or for dissemination in the United States. LANGLEY, British Columbia, June 05, 2024 (GLOBE NEWSWIRE) -- ADENTRA Inc. (TSX:ADEN) ("ADENTRA" or the "Company") is pleased to announce that it has entered into an agreement with National Bank Financial Inc. and Cormark Securities Inc., acting as co-bookrunners, on behalf of a syndicate of underwriters (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase 2,246,000 common shares (the "Common Shares") from the treasury of the Company, at a price of $38.75 per Common Share for total gross proceeds of approximately $87,032,500 million (the "Offering"). In addition, the Company has granted the Underwriters an option (the "Over-Allotment Option") to purchase up to an additional 15% of the Common Shares of the Offering on the same terms exercisable at any time on or prior to the 30th day following the closing of the Offering, to cover the Underwriters' over-allocation position, if any, and consequent market stabilization. The Company maintains an attractive acquisitions pipeline. As such, the Company intends to use the net proceeds of the Offering to repay bank indebtedness including under its revolving credit facility, thereby increasing the amount available to be drawn under the revolving credit facility to fund potential strategic acquisitions and for general corporate purposes. "This Offering will further solidify our balance sheet and strongly position us to pursue M&A opportunities, as we continue to execute on our Destination 2028 plan, which includes adding an additional U.S.$800 million in run-rate revenues from acquisitions by 2028," said Rob Brown, President and CEO of ADENTRA Inc. Closing of the Offering is expected to occur on or about June 12th, 2024 and is subject to customary closing conditions and regulatory approvals, including that of the Toronto Stock Exchange (the "TSX"). The Common Shares to be issued under the Offering will be offered by way of a prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated April 22, 2024 (the "Base Shelf Prospectus") in each of the Provinces 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. Access to the Prospectus Supplement, the Base Shelf Prospectus and any amendment to such documents is provided in accordance with securities legislation relating to the procedures for providing access ...