CERF Inc., owner of 4-Way Equipment Rentals Corp. and TRAC Energy Services has closed a previously announced U.S. private placement financing of 129,000 units (shares) of CERF at $2.70 per unit, for gross proceeds of $348,300. Together with CERF’s short-form prospectus offering of units in Canada that closed last month, co-led by Global Securities Corp and AltaCorp Capital Inc., the company raised about CDN $11.85 million (about U.S. $11.3 million).
The company intends to use the net proceeds of the U.S. offering to reduce bank indebtedness under its credit facilities, a portion of which may be subsequently redrawn for general corporate purposes by either 4-Way Equipment Rentals Corp. or TRAC Energy Services Ltd., both wholly owned subsidiaries of CERF.
TRAC is engaged in the waste management business in Alberta. 4-Way Equipment Rentals, based in Edmonton, Alberta, Canada, is No. 85 on the RER 100.