Deal sells 60 million units of one share and one third-share warrant
By Devika Patel
Knoxville, Tenn., March 5 - ePals Corp. said it raised C$552,900 in the first tranche of a C$4.5 million non-brokered private placement of units.
The company will sell 60 million units of one common share and one third-share warrant at C$0.075 per unit. It sold 7,372,000 units to ZG Ventures, LLC in the first tranche.
Each whole warrant is exercisable at C$0.075 until Aug. 31, 2014. The strike price is a 50% premium to the March 4 closing share price of C$0.05.
The company also said that it issued 11,058,000 shares at a deemed price of C$0.075 per share to ZG to settle $750,000, or C$829,350, of owed debt.
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$4.5 million
|
| Units: | 60 million
|
| Price: | C$0.075
|
| Warrants: | One third-share warrant per unit
|
| Warrant expiration: | Aug. 31, 2014
|
| Warrant strike price: | C$0.075
|
| Agents: | Non-brokered
|
| Investors: | ZG Ventures, LLC (for C$552,900)
|
| Settlement date: | March 5 (for C$552,900)
|
| Stock symbol: | TSX Venture: SLN
|
| Stock price: | C$0.05 at close March 4
|
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