Profire Energy Prices Public Offering At $4.00 Per Share - Quick Facts

(RTTNews) - Profire Energy Inc. (PFIE) announced the pricing of a $24 million underwritten public offering of 6 million shares of its common stock, at a price of $4.00 per share.

Of the shares being offered, 4.50 million are being sold by the Company and the remaining 1.50 million are being sold by certain stockholders of the Company who are members of management.

The underwriters have a 45-day option to acquire an additional 900,000 shares of common stock from the selling stockholders to cover overallotments, if any, in connection with the offering.

The company expects to receive net proceeds of approximately $16.43 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company.

The company stated that it will not receive any proceeds from the sale of the shares by the selling stockholders. The offering is expected to close on July 2, 2014, subject to customary closing conditions.

Maxim Group LLC and Chardan Capital Markets, LLC are acting as the Joint Book Running Managers for the offering.

Profire noted that it intends to use the proceeds from the offering for expansion of its sales and service team, and for other working capital purposes. The company may also use a portion of the net proceeds to fund possible investments in, or acquisitions of, complementary businesses, solutions or technologies.