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Park Lawn Corporation Announces $135 Million Bought Deal Offering of Common Shares

Published: August 16, 2021

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

TORONTO, ONTARIO (August 16, 2021) – Park Lawn Corporation (TSX: PLC) ("PLC" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters (the "Underwriters") co-led by Scotiabank and National Bank Financial Inc. pursuant to which the Underwriters have agreed to purchase 3,710,000 common shares (the "Common Shares") at a price of $36.40 per Common Share, on a bought deal basis, for gross proceeds of approximately $135 million (the "Offering"). The Company also granted the Underwriters an option to purchase up to an additional 371,000 Common Shares on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering.

The net proceeds from the Offering will be used to pay down the Company’s revolving credit facility to free up capacity to fund potential future acquisitions and organic growth opportunities and for general corporate purposes.

The Common Shares will be offered pursuant to a short-form prospectus to be filed in each of the provinces of Canada, which will describe the terms of the Offering. The Offering is expected to close on or about September 3, 2021 and is subject to certain conditions including, but not limited to, the receipt of all regulatory approvals including the approval of the Toronto Stock Exchange.

The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933 Act") and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or to, or for the account or benefit of, U.S. persons.

About Park Lawn Corporation

PLC provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC operates in three Canadian provinces and fifteen U.S. states.

Cautionary Statement Regarding Forward‐Looking Information

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on PLC's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the expected completion of the Offering and use of net proceeds of the Offering. The forward-looking statements in this news release are based on certain assumptions, including that all conditions to completion of the Offering will be satisfied or waived as well as those regarding present and future business strategies, the environment in which the PLC will operate in the future, the anticipated adjustments to operations in the COVID-19 pandemic, expected revenues, expansion plans and PLC's ability to achieve its goals. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, risks associated with the current COVID-19 pandemic, the risk that the Offering will not be completed and the other factors discussed under the heading "Risk Factors" in PLC's annual information form and most recent management's discussion and analysis available at www.sedar.com. There can be no assurance that forwardlooking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

Daniel Millett

Chief Financial Officer

(416) 231-1462, ext. 221

 

Canada Headquarters

2 St. Clair Ave. W.
Suite 1300 (Floor 12A)

TorontoON M4V 1L5
Tel: 1-416-231-1462

U.S. Headquarters

16801 Greenspoint Park Drive
Suite 376
Houston, Texas 77060
Tel: 1-281-453-1260

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