09:48 AM EDT, 05/30/2025 (MT Newswires) -- K-Bro Linen ( KBRLF ) on Friday said it closed its previously announced bought deal offering, including the exercise in full of the over-allotment option, raising $80.7 million.

The company said the subscription receipts issued pursuant to the offering will trade on the Toronto Stock Exchange under the ticker symbol KBL.R. Proceeds will be used to finance a portion of the previously announced acquisition of STAR Mayan, and pay certain fees and expenses related to the acquisition and offering.

It added that the if the acquisition is not completed prior to June 30, the share purchase agreement relating to the acquisition is terminated. If the company otherwise advises the underwriters or the public that it does not intend to proceed with the acquisition, the receipts will be cancelled and the holders of subscription receipts will receive proceeds of the offering and any unpaid dividend equivalent payment to which they are entitled, together with their pro rata portion of any remaining interest earned on the gross proceeds of the offering, net of any applicable taxes.

The deal is expected to close on or about June 11.

Shares of the company were last seen down 0.09% at $34.67 on the TSX.

Price: 34.67, Change: -0.03, Percent Change: -0.09