Cinar Corp. has executed an underwriting agreement for the sale of seven million limited-voting shares in the u.s. and Canada at a price of US$20 a share. Of the new shares, 6.5 million are from treasury and 500,000 are being sold by companies controlled by the company’s principal shareholders.

Cinar has also granted an over-allotment of 1,050,000 to the underwriters, led by ING Baring Furman Selz llc, New York.

Closing is projected for Mar. 9. Cinar expects to receive proceeds of us$122.6 million, less the cost of the offering.