Orchids Paper Products (TIS) Prices 750K Common Stock Offering at $18.50 Per Share
Orchids Paper Products Company (NYSE Amex: TIS) has priced an underwritten public offering of 750,000 shares of common stock at a price to the public of $18.50 per share. The offering was made pursuant to the Company's effective shelf registration statement filed with the Securities and Exchange Commission. The Company has granted the underwriter a 30-day option to purchase up to 112,500 additional shares at the public offering price to cover over-allotments, if any. The offering is expected to close on August 26, 2009, subject to satisfaction of closing conditions.
The Company expects gross proceeds of approximately $13.9 million (or approximately $16.0 million if the underwriter exercises its over-allotment option in full). The Company intends to use the net proceeds of the offering for the construction of a warehouse, the purchase and installation of a new converting line, and for general corporate purposes.
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