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TORONTO — The Westaim Company (“Westaim” or the “Firm“) (TSXV: WED) right this moment proclaims the pricing of the Skyward Specialty Insurance coverage Group, Inc.TM (NASDAQ: SKWD) (“Skyward Specialty“) upsized follow-on providing (the “Providing“) of 5,000,000 shares of its widespread inventory (the “Shares“), with 2,150,000 Shares being offered by Skyward Specialty and an upsized 2,850,000 Shares being offered by Westaim at a value of US$30.50 per Share. Westaim has additionally granted the underwriters a 30-day choice to buy as much as a further 750,000 Shares on the similar value per Share. The Providing is anticipated to shut on November 20, 2023 topic to customary closing circumstances.
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Skyward Specialty is not going to obtain any of the proceeds from the sale of the Shares provided by Westaim, and Westaim will bear the underwriting reductions and commissions related to the sale of such shares.
Barclays, Keefe, Bruyette & Woods, Inc., a Stifel Firm, and Jefferies, are appearing as joint lead book-running managers for the Providing. Piper Sandler, JMP Securities, a Residents Firm, Truist Securities, Raymond James, BMO Capital Markets and Wolfe | Nomura Alliance are appearing as joint book-running managers for the Providing.
This press launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase, nor shall there be any sale of the Shares in any state or jurisdiction wherein such provide, solicitation, or sale could be illegal previous to registration or qualification beneath the securities legal guidelines of any such state or jurisdiction.
Cautionary Be aware and Ahead-Trying Statements
This press launch comprises sure forward-looking info throughout the that means of relevant Canadian securities legal guidelines (“forward-looking statements“). All statements aside from statements of current or historic truth are ahead trying statements. Ahead-looking statements embrace these referring to the anticipated deadline of the Providing. Ahead-looking statements are sometimes, however not all the time, recognized by way of phrases equivalent to “anticipate”, “obtain”, “might”, “consider”, “plan”, “intend”, “goal”, “steady”, “ongoing”, “estimate”, “outlook”, “count on”, “undertaking” and related phrases, together with negatives thereof, suggesting future outcomes or that sure occasions or circumstances “might” or “will” happen. These statements are solely predictions. Ahead-looking statements are based mostly on the opinions and estimates of administration on the date the statements are made based mostly on info then out there to the Firm and Skyward Specialty. Varied components and assumptions are utilized in drawing conclusions or making the forecasts or projections set out in forward-looking statements together with previous follow of the Firm and Skyward Specialty. Ahead-looking statements are topic to and contain a lot of identified and unknown, variables, dangers and uncertainties, a lot of that are past the management of the Firm and Skyward Specialty, which can trigger precise efficiency and outcomes to vary materially from any projections of future efficiency or outcomes expressed or implied by such forward-looking statements. No assurance could be on condition that the expectations mirrored in forward-looking statements will show to be right. Though the forward-looking statements contained on this press launch are based mostly upon what administration believes, or believed on the time, to be cheap assumptions, the Firm can’t guarantee shareholders that precise outcomes will likely be in line with such forward-looking statements, as there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed. Readers mustn’t place undue reliance on the forward-looking statements contained on this press launch. These statements are topic to sure dangers and uncertainties that might trigger precise outcomes to vary materially from these described within the forward-looking statements. These dangers and uncertainties embrace, however usually are not restricted to, dangers referring to the Providing not being well timed accomplished, if accomplished in any respect, within the method or on the phrases anticipated, together with as a result of unfavorable market or different circumstances or components; dangers associated to the receipt of (or failure to obtain) approvals required in reference to the Providing and the timing of receipt of such approvals; in addition to the dangers and uncertainties contained beneath the heading “Danger Elements” within the Firm’s annual info kind for its fiscal 12 months ended December 31, 2022 filed on its profile on SEDAR+ at www.sedarplus.ca. The Firm doesn’t assume any obligation to publicly replace any forward-looking statements, whether or not on account of new info, future occasions or in any other case, besides as could also be expressly required by relevant legal guidelines.
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About Skyward Specialty
Skyward Specialty (NASDAQ: SKWD) is a quickly rising and revolutionary specialty insurance coverage firm, delivering business property and casualty merchandise and options on a non-admitted and admitted foundation. Skyward Specialty operates by eight underwriting divisions — Accident & Well being, Captives, International Property & Agriculture, Trade Options, Skilled Strains, Applications, Surety and Transactional E&S.
Skyward Specialty’s subsidiary insurance coverage corporations encompass Houston Specialty Insurance coverage Firm, Imperium Insurance coverage Firm, Nice Midwest Insurance coverage Firm, and Oklahoma Specialty Insurance coverage Firm. These insurance coverage corporations are rated A- (Wonderful) with constructive outlook by A.M. Greatest Firm. For extra details about Skyward Specialty, its individuals, and its merchandise, please go to skywardinsurance.com.
Investor Contact:
Natalie Schoolcraft
Skyward Specialty Insurance coverage Group Inc.TM
614-494-4988
nschoolcraft@skywardinsurance.com
or
Media Contact:
Haley Doughty
Skyward Specialty Insurance coverage Group Inc.TM
713-935-4944
hdoughty@skywardinsurance.com
About Westaim
Westaim is a Canadian funding firm specializing in offering long-term capital to companies working primarily throughout the international monetary companies trade. The Firm invests, instantly and not directly, by acquisitions, joint ventures and different preparations, with the target of offering its shareholders with capital appreciation and actual wealth preservation. Westaim’s technique is to pursue funding alternatives with a spotlight in direction of the monetary companies trade and develop shareholder worth over the long run. Westaim’s investments embrace vital pursuits in Skyward Specialty, Enviornment and Enviornment FINCOs. Skyward Specialty, Enviornment and Enviornment FINCOs are outlined within the notes to Westaim’s unaudited interim consolidated monetary statements for the three and 9 months ended September 30, 2023 and 2022 and the MD&A. Westaim’s widespread shares are listed on the TSX Enterprise Trade (the “TSXV”) beneath the buying and selling image “WED”.
For extra info, contact:
J. Cameron MacDonald, President and Chief Government Officer or
Robert T. Kittel, Chief Working Officer
The Westaim Company
info@westaim.com
(416) 969-3333
Neither the TSXV nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the Trade) accepts accountability for the adequacy or accuracy of this launch.
View supply model on businesswire.com: https://www.businesswire.com/news/home/20231115683488/en/
Contacts
J. Cameron MacDonald, President and Chief Government Officer or
Robert T. Kittel, Chief Working Officer
The Westaim Company
info@westaim.com
(416) 969-3333
Investor Contact:
Natalie Schoolcraft
Skyward Specialty Insurance coverage Group Inc.TM
614-494-4988
nschoolcraft@skywardinsurance.com
or
Media Contact:
Haley Doughty
Skyward Specialty Insurance coverage Group Inc.TM
713-935-4944
hdoughty@skywardinsurance.com
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