Simcoe Brewery issues $50 million in straight bonds at an original issue discount of 1% and a coupon rate of 7.5%. The firm also pays underwriting fees of 3.5% on the face value of the bonds. What are the net proceeds to Simcoe Brewery from the bond issue? Answer in millions and round to 2 decimal place. i.e. 15.55 for $15.55 million