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Underwriters exercise overallotment option in Sienna Senior's share offering

Sienna Senior Living Inc. raised gross proceeds of about C$24.0 million from the issuance of 1,359,900 common shares at C$17.65 apiece under the overallotment option granted to the underwriters of its C$160.0 million share offering.

The bought deal offering's aggregate gross proceeds total roughly C$184.0 million.

Sienna Senior will use the proceeds to partially fund the approximately C$382.0 million acquisition of 10 senior housing assets in Ontario, slated to close in the second quarter of 2018.

TD Securities Inc. led the group of underwriters and also served as the sole book runner of the offering, with BMO Capital Markets acting as co-lead underwriter.