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

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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.