By Sheri Kasprzak
New York, Feb. 17 - Norsat International Inc. said it plans to raise $3,065,232 in a private placement.
The offering includes 1,021,744 units at $3.00 each.
Each unit is comprised of four shares and three warrants. Each warrant is exercisable at $0.75 each for two years.
Proceeds will be used for working capital connected to the commercialization of the company's line of portable satellite systems.
The deal is expected to close by the end of February.
Based in Vancouver, B.C., Norsat develops satellite products used for high-speed data transmission.
| Issuer: | Norsat International Inc.
|
| Issue: | Units of four shares and three warrants
|
| Amount: | $3,065,232
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| Units: | 1,021,744
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| Price: | $3.00
|
| Warrants: | Three warrants per unit
|
| Warrant expiration: | Two years
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| Warrant strike price: | $0.75
|
| Pricing date: | Feb. 17
|
| Stock symbol: | Toronto: NII
|
| Stock price: | C$0.91 at close Feb. 17
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