BDI has entered into a bought deal financing to issue ~4.9 mm shares at $5.05/ share, a discount of 7% to yesterday’s closing price, for gross proceeds of $24.8 mm. The bought deal represents 11% of the outstanding share count. We believe the proceeds will be used to repay outstanding debt or used for acquisitions. We do not anticipate the funds will be used for growth capital in the Camps and Lodging division or Energy Services division given the oversupply of equipment in these servic
