Pender Growth Fund closes $15M short-form prospectus offering

Pender Growth Fund Inc. (TSX-V: PTF), a publicly traded investment fund, has completed its short-form prospectus offering raising $15,015,000 in gross proceeds through the issuance of 3,850,000 Class C participating common shares at a price of $3.90.

PI Financial Inc. led a syndicate of agents that also include Canaccord Genuity Corp., GMP Securities L.P., and Raymond James Ltd.

Bennett Jones LLP and Blake, Cassels & Graydon LLP act as legal counsel to Pender and the underwriters respectively.

Pender Growth Fund intends to use the net proceeds to invest in public and private investment opportunities principally in the information technology and telecommunications sectors, as well as for working capital and general corporate purposes.

Pender Growth Fund Inc., formerly Pender Growth Fund (VCC) Inc., a British Columbia venture capital corporation (VCC) under the Small Business Venture Capital Act (SBVCA),

Pender Growth Fund changed its capital structure in July 2010 and commenced trading on the TSX Venture Exchange as a publicly listed investment issuer.

photo credit: Pender Growth Fund

News Release

Pender Growth Fund Closes Marketed Public Offering of Class C Shares for Gross Proceeds of $15,015,000

VANCOUVER, B.C., May 10, 2019 (GLOBE NEWSWIRE) — (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) is pleased to announce the closing of its previously announced public offering of Class C participating common shares (the “Common Shares”) at a price of $3.90 per Common Share (the “Offering Price”) for aggregate proceeds of $15,015,000 (the “Offering”).

The syndicate of agents (the “Agents”) was led by PI Financial Corp.

The Company has also granted the Agents an option to purchase up to an additional 15% of the Common Shares sold under the Offering at the Offering Price to cover over-allotments, if any, and for consequent market stabilization purposes.

The Company intends to use the net proceeds of the Offering to invest in public and private investment opportunities principally in the information technology and telecommunications sectors, according to the Company’s investment strategies, as well as for working capital and general corporate purposes.

The Common Shares were offered pursuant to the Company’s short form base shelf prospectus dated April 11, 2019 (the “Shelf Prospectus”) and a prospectus supplement (the “Prospectus Supplement”) dated May 6, 2019 as filed with securities regulators in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. A copy of the Shelf Prospectus and Prospectus Supplement can be found under the Company’s profile on SEDAR at www.sedar.com

This news release shall not constitute an offer to sell or the solicitation of an offer to buy these securities in any jurisdiction. There shall not be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction. The securities offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any U.S. state securities laws and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or to, or for the account or benefit of, U.S. persons.

About the Company

Pender Growth Fund Inc. is an investment company with the objective of achieving long-term capital appreciation for its investors. The Company utilizes its small capital base and long-term horizon to invest in unique situations; primarily small cap, special situations, and illiquid public and private companies. The Company trades on the TSX Venture Exchange under the symbol “PTF”. Please visit www.pendergrowthfund.com.

For further information, please contact:

Lucy Nair
PenderFund Capital Management Ltd.
(778) 945-5114
Toll Free: (866) 377-4743

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.