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intrawest shares

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Intrawest announced Wednesday the closing of an offering of 3,850,000 common shares, which raised $109.73 million for the company. The offering, at $28.50 per common share, included an option on 350,000 common shares which the underwriters exercised. The common shares were sold to investors in the United States and Canada. Intrawest intends to use approximately $50 million of the net proceeds to reduce bank indebtedness. The balance of the net proceeds will be used for general corporate purposes, including expanding and enhancing operations at the company’s resorts and financing potential acquisitions and investments. Pending such investments the money will be placed in temporary, short-term money market instruments.

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