Non-brokered deal finances growth strategy and working capital
By Devika Patel
Knoxville, Tenn., June 10 – Siyata Mobile Inc. said it completed a C$2.9 million non-brokered private placement of units. The oversubscribed deal priced for C$2 million on May 26 and was increased to C$2.5 million on May 27 due to strong demand.
The company sold 8,299,714 units of one common share and one warrant at C$0.35 per unit. Each warrant will be exercisable at C$0.50 for two years. The warrant strike price is a 35.14% premium to the May 25 closing share price of C$0.37.
Proceeds will be used for the company’s growth strategy in North America and general working capital.
The Toronto company has developed a vehicle-mounted communications platform that operates over advanced mobile networks.
| Issuer: | Siyata Mobile Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,904,900
|
| Units: | 8,299,714
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | May 26
|
| Upsized: | May 27
|
| Settlement date: | June 10
|
| Stock symbol: | TSX Venture: SIM
|
| Stock price: | C$0.37 at close May 25
|
| Market capitalization: | C$21.15 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.
