NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Dec. 16, 2016 (GLOBE NEWSWIRE) -- Shawcor Ltd. (TSX:SCL) (“Shawcor” or the “Company”) announced that is has filed its final prospectus with the securities regulatory authorities in each of the provinces of Canada (except Québec) in regards to the issuance of 4,575,000 common shares of Shawcor on a bought deal basis at a price of Cdn $32.80 per common share (the “Offering”) through a syndicate of underwriters (the “Underwriters”) led by TD Securities Inc. In addition, Shawcor announces that the Underwriters have provided the Company with notice of the exercise by the Underwriters of their over-allotment option to purchase 686,250 additional common shares of the Company at a price of $32.80 per common share (the “Over-Allotment Option”), in accordance with the terms of the underwriting agreement dated December 9, 2016 between the Company and the Underwriters. With the Over-Allotment Option being exercised in full, gross proceeds from the Offering will be approximately Cdn $173 million.

The Offering and the Over-Allotment Option are expected to close on or about December 23, 2016.

This press release is not an offer of securities for sale in the United States. The common shares being offered have not been and will not be registered under the United States Securities Act of 1933 and accordingly are not being offered for sale and may not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or the benefit of a U.S. person, except pursuant to an exemption from the registration requirements of that Act.

Forward Looking Information

Certain statements contained or incorporated by reference in this press release may constitute forward-looking statements under applicable securities law, such as statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects”, “seeks” and similar expressions. There can be no assurance that the Offering or any Over-Allotment Option will be completed. Although Shawcor believes that the expectations and assumptions on which such forward-looking statements and the information are reasonable, undue reliance should not be placed on the forward looking statements and information because Shawcor can give no assurance that such statements and information will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Additional details about the risks and uncertainties are included in Shawcor’s annual Management’s Discussions and Analysis which can be found on SEDAR at www.sedar.com.

About Shawcor Ltd.

Shawcor Ltd. is a global energy services company specializing in products and services for the pipeline and pipe services segment of the oil and gas industry and related products for petrochemical and industrial markets. It operates through eight divisions, with fixed and mobile manufacturing and services facilities located around the world. 

For further information, please contact: 
Gary S. Love
Senior Vice President, Finance and CFO
Telephone: 416.744.5818
e-mail: gary.love@shawcor.com
website: www.shawcor.com