UPDATE 1-Contrans Group to raise C$50 mln in bought deal

* To sell 5.2 mln subordinate voting shrs at C$9.60 apiece

* Offer at 4 pct discount to Tuesday’s close

May 12 (BestGrowthStock) – Contrans Group Inc (CSS.TO: ), which
provides freight transportation services to shippers located in
Canada, said it would raise C$50 million ($48.97 million) in a
bought deal financing to fund acquisitions and general
corporate purposes.

The company said it will sell 5.2 million subordinate
voting shares at C$9.60 apiece, a 4 percent discount to their
closing price Tuesday, to a syndicate of underwriters co-led by
Cormark Securities and RBC Capital Markets.

The underwriters will have an overallotment option to buy
up to an additional 781,250 subordinate voting shares at the
same offer price, Contrans Group said in a statement.

The offering is currently scheduled to close by June 2.

Shares of the Woodstock, Ontario-based company closed at
C$10 Tuesday on the Toronto Stock Exchange.

Stock Market Money

($1=1.021 Canadian Dollar)
(Reporting by Koustav Samanta in Bangalore; Editing by Maju
Samuel)

UPDATE 1-Contrans Group to raise C$50 mln in bought deal