It is understood the new equity would be put towards acquisitions and balance sheet repair. Morgansn has been tapped to oversee the deal.

It is understood the new equity would be put towards acquisitions and balance sheet repair. Morgansn has been tapped to oversee the deal.

The offer price represented a 6.6 per cent discount to the last close of 91¢ and a 6.9 per cent discount to the 5-day volume-weighted price.