Deal sells 166,666,666 units of one share and one third-share warrant
By Devika Patel
Knoxville, Tenn., Dec. 20 - ePals Corp. said it took in C$1.67 million in the third tranche of a C$12.5 million non-brokered private placement of units. The deal priced Oct. 2 and was increased from C$10 million on Oct. 18. The company raised C$3.02 million on Oct. 22 and C$3.5 million on Nov. 12.
The company is selling 166,666,666 units of one common share and one third-share warrant at C$0.075 per unit. It sold 40,267,333 units in the first tranche, 46,666,666 units in the second and 22,278,812 units in the third tranche.
Each whole warrant is exercisable at C$0.075 until April 30, 2014. The strike price is a 7.14% premium to the Oct. 1 closing share price of C$0.07. The warrants originally were exercisable at C$0.10.
Investors include ZG Ventures, LLC, Nina Zolt, Zolt-Gilburne 2012 Family Trust, GSV Capital Corp. and Miles Gilburne.
Proceeds will be used for general corporate purposes and working capital.
The education media company is based in Washington, D.C.
| Issuer: | ePals Corp.
|
| Issue: | Units of one common share and one third-share warrant
|
| Amount: | C$12.5 million
|
| Units: | 166,666,666
|
| Price: | C$0.075
|
| Warrants: | One third-share warrant per unit
|
| Warrant expiration: | April 30, 2014
|
| Warrant strike price: | C$0.075
|
| Agents: | Non-brokered
|
| Investors: | ZG Ventures, LLC, Nina Zolt, Zolt-Gilburne 2012 Family Trust, GSV Capital Corp. and Miles Gilburne
|
| Pricing date: | Oct. 2
|
| Upsized: | Oct. 18
|
| Settlement dates: | Oct. 22 (for C$3,020,050), Nov. 12 (for C$3.5 million), Dec. 20 (for C$1,670,911)
|
| Stock symbol: | TSX Venture: SLN
|
| Stock price: | C$0.07 at close Oct. 1
|
| Market capitalization: | C$5.85 million
|
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