news digest ♦ Equipment and Materials
Canadian based firm, 5N Plus Inc., has completed its previously announced “bought deal” public offering and concurrent private placement announced on 16th May.
Each of the units is comprised of one common share and one half of a common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share at a price of $5.00 for 24 months.
While the industry is currently in an overcapacity situation which will continue in the short term, longer term projections show that many more reactors will be needed over the coming years to meet the demand in lighting.. At present, big changes to the long term outlook are not anticipated.
Last quarter IMS reported on a strong quarter for Aixtron, which regained the lead in the fourth quarter of 2011. However, as anticipated, this has not lasted, and Veeco was well ahead again in the first quarter with an estimated 59 percent market. Veeco will also have a clear lead over Aixtron for GaN LED tools for the full year 2012, according to surveys with end customers.
What’s more, with Veeco having very recently released three new MOCVD systems for LED growth , this may further improve the firm’s market share.
According to IHS, China came top in terms of shipments in the first quarter, followed by Taiwan. With typical tool prices remaining at about $2 million, Veeco’s K465i, used for the growth of gallium nitride based LEDs, was the most popular tool in the first quarter. Also, according to IHS, Epistar is the leader in cumulative tools installed, while Elec-Tech is ranked top in projected 2012 customers.
5N Plus completes $40 million equity financing
The provider of group III materials such as indium and gallium, used in the MOCVD industry, has issued of an aggregate of 12,903,613 units at a price of $3.10 per unit
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www.compoundsemiconductor.net July 2012
The warrants are listed on the Toronto Stock Exchange under the trading symbol “VNP.WT” and have already begun trading.
In the “bought deal” public offering, 5N Plus issued and sold 6,452,000 units for gross proceeds of $20 million to a syndicate of underwriters led by National Bank Financial Inc. and including GMP Securities L.P., TD Securities Inc., HSBC Securities (Canada) Inc., CIBC World Markets Inc., Cormark Securities Inc., M Partners Inc., NCP Northland Capital Partners Inc., Stonecap Securities Inc. and Versant Partners Inc.
The offering was made by way of short form prospectus dated May 30th, 2012 filed with the securities commissions of each of the provinces of Canada.
In the concurrent private placement, 5N Plus issued and sold a further 6,451,613 units to Investissement Québec for gross proceeds of $20 million. The common shares and warrants issued to Investissement Québec are subject to restrictions on resale for four months under applicable securities legislation.
5N Plus will use the net proceeds from the “bought deal” public offering and concurrent private placement to reduce indebtedness incurred under its revolving credit facility with a syndicate of financial institutions.
Following the closing of the public offering and concurrent private placement, there are 83.9 million common shares of 5N Plus issued and outstanding.
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