Ottawa’s Calian increases planned financing round to $60M

kevin ford
kevin ford

Ottawa’s Calian Group is capping off a banner few weeks with plans to raise $60 million in funding to finance its “organic and acquisitive growth.”

The planned public offering of common shares increases a previously announced $40-million round, which is to be underwritten by a group led by Desjardins Capital Markets.

Calian Group (TSX:CGY), which operates in a range of fields including health care, training and agriculture technology, had planned to offer just over 900,000 common shares in its financing round at $44 per unit. That amount was boosted to more than 1.3 million shares just a day after the original announcement.

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Calian CEO Kevin Ford said in a statement that the Kanata-based company “offers a unique value in today’s marketplace: a diversified company, with a long track record of profitable execution, and a focus on organic and acquisitive growth.”

Calian expects the financing round to close by Feb. 25.

The original funding plans were announced last week on the same day Calian disclosed it had secured a contract worth more than $30 million to install a series of satellite ground systems for an unnamed customer in the communications industry.

Calian also recently reported annual revenues of more than $340 million and extended its profit streak to 73 consecutive quarters. Additionally, the company made headlines at the tail end of January with the acquisition of two health services companies based in Ottawa, Alio and Allphase.

Investors have responded to the spate of news by pushing Calian’s shares up roughly nine per cent on the TSX since the start of the month.

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