05:06 PM EDT, 08/12/2024 (MT Newswires) -- Sienna Senior Living ( LWSCF ) after trade Monday said it is raising $125 million in a bought-deal share offering..

Sienna is selling a syndicate of underwriters 8.34-million shares priced at $15.00 each. It also granted the underwriters an over-allotment option of a further 1.25-million shares if demand warrants. If the over-allotment option is exercised in full, the gross proceeds to the company will be approximately $144 million.

Sienna said it intends to use the net proceeds of the offering, together with any net proceeds from the over-allotment option, to fund the approximately $15 million equity purchase price for the company's previously announced acquisition of the remaining 30% ownership interest in Nicola Lodge, a 256-bed best-in-class long-term care community in Port Coquitlam, British Columbia; and also for general corporate purposes.

Sienna shares closed Monday down $0.24, or 1.5%, to $15.53 on the Toronto Stock Exchange..