Vitran Corporation Inc. (NASDAQ: VTNC) announced their completion of its private placement of about 2.7 million shares of common stock at $8.50 per share. The gross proceeds from the completion of the offering are approximately $23 million. The company plans to use their net proceeds to reduce its outstanding debt by $7.5 million and the remainder will be use to pay down revolving debt. After costs and expenses associated with the sale the net proceeds are expected to be about $21.4 million.
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About Vitran Corporation Inc.
Vitran Corporation Inc. is a North American group of transportation companies offering less-than-truckload, logistics, truckload, and freight brokerage services.
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