$35 Million Bought Deal Public Offering, Concurrent $15 Million Non- Brokered Private Placement and $5 Million Exercised Over-Allotment Option (2016)

Acted as lead counsel for Clearwater Seafoods with respect to the equity financing of a $35 million bought deal public offering, concurrent $15 million non- brokered private placement and a $5 million exercised over-allotment option with a total value of $55 million.

The deal involved the issuance of an aggregate of 2,518,000 common shares from Clearwater’s treasury, with proceeds of approximately $35 million. In addition, Clearwater completed a concurrent non-brokered private placement with select existing shareholders for an additional $15 million. The investment dealers exercised the over-allotment option, in full, with the issuance of an additional 377,700 common shares for additional gross proceeds of approximately $5 million. The $55 million in net proceeds will be used for repayments on revolving debt facilities, growth opportunities, working capital and general corporate purposes.