Temple Hotels Inc. closed its C$50 million rights offering, which was oversubscribed by roughly C$14.7 million.

Temple issued 73,866,155 common shares at 67.69 cents apiece, for gross proceeds of C$50 million.

The offering comprised 45,207,688 common shares issued under the basic subscription privilege and 28,658,467 common shares issued under an additional-subscription privilege.

Under the terms of the offering, each eligible security holder was entitled to subscribe for one common share for every 1.0526272 rights held.

National Bank Financial Inc. is the managing dealer for the rights offering.