CanWel sells shares to fund future acquisitions

VANCOUVER — CanWel Building Materials Group Ltd. has closed the sale of 6,598,470 common shares at a price of $6.10 per share, worth $40.25 million. The net proceeds of the offering will be used to fund a reduction of CanWel’s revolving credit facility, which is expected to be used for future acquisitions, and for working capital and general corporate purposes. The company is evaluating additional acquisitions of U.S. and Canadian pressure-treated wood operations.