IMAX Corporation (IMAX) Completes Sale of Stock & Over-Allotment Option
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IMAX Corporation (NASDAQ: IMAX) closed the sale of an additional 1,470,000 of its common shares at the public offering price of $7.15 per share pursuant to the over-allotment option exercised in full by the underwriter of its recently completed public offering. The exercise of the over-allotment option brings the total number of common shares sold by IMAX in the offering to 11,270,000. Including proceeds from the exercise of the over-allotment option, gross proceeds for the offering were $80.6 million.
IMAX intends to use the net proceeds from the offering for the repayment of debt, including a portion of its 9.625% Senior Notes due December 2010, and for general corporate purposes. On June 9, 2009, IMAX announced that it repurchased $44.3 million of its 9.625% Senior Notes due December 1, 2010, at $0.9775 cents on the dollar.[SM]
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