Company negotiates deal to finance operational, marketing initiatives
By Devika Patel
Knoxville, Tenn., Nov. 4 - Streetlight Intelligence Inc. said it priced a private placement of units. Plans for the deal were announced on Oct. 19.
The company will sell 38.5 million units of one common share and one half-share warrant at C$0.13 apiece on a best-efforts basis for C$5 million. Each whole warrant is exercisable at C$0.26 for one year. The strike price reflects a 160% premium to the Nov. 3 closing share price of C$0.10.
Cassis Capital Corp. is the agent, the company said when the deal was announced. Settlement is expected Dec. 15.
Proceeds will be used to complete several operational and marketing initiatives and for general working capital.
"In conjunction with this offering, we will be talking with large, established industry players who are looking to partner with a technology such as ours. We hope to attract one or more such players as strategic investors in our private placement, much as we have done with our utility shareholders in the past," chief executive officer Vince Krynski said in a press release.
Based in Victoria, B.C., Streetlight produces technology to remotely program streetlights.
| Issuer: | Streetlight Intelligence Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 38.5 million
|
| Price: | C$0.13
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.26
|
| Agent: | Cassis Capital Corp.
|
| Announcement date: | Oct. 19
|
| Pricing date: | Nov. 4
|
| Settlement date: | Dec. 15
|
| Stock symbol: | TSX Venture: SLQ
|
| Stock price: | C$0.10 at close Nov. 3
|
| Market capitalization: | C$10.44 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
