By Sheri Kasprzak
New York, Dec. 8 - DoveCorp Enterprises Inc. said it has completed its previously announced private placement for C$4,177,000.
The company issued 20,885,000 units at C$0.20 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$0.25 each for two years.
The deal was first announced Nov. 18 as a C$7.5 million offering of 37.5 million units under the same terms.
Research Capital Corp. and Dundee Securities Corp. were the placement agents.
Proceeds will be used for working capital, general corporate purposes and debt repayment.
In other news, DoveCorp said one of its investors agreed to convert C$353,994.60 in debt to units of one share and one half-share warrant at C$0.20 each. The whole warrants are exercisable under the same terms as the private placement.
Toronto-based DoveCorp is a dry cleaning and laundry services company.
| Issuer: | DoveCorp Enterprises Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$4,177,000
|
| Units: | 20,885,000
|
| Shares: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Placement agents: | Research Capital Corp. and Dundee Securities Corp.
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 8
|
| Stock price: | C$0.20 at close Nov. 18
|
| Stock price: | C$0.24 at close Dec. 8
|
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