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$11 million, not a lot for treasury management, but the signaling significance outweighs the amount itself.
The two parties will subscribe to a total of 2,298,000 Class B common shares of the company (with a par value of $0.50 per share) at a premium price of $4.97 per share.
This registered private placement is expected to raise approximately $11.4 million for the company.
The transaction is expected to be completed around May 27, 2026.