Agent syndicate led by Cormark Securities helps fund working capital
By Toni Weeks
San Diego, April 24 - ePals Corp. said it raised another C$1.35 million in the second and final tranche of a private placement of stock, bringing the total amount raised to C$10 million. The deal, which was conducted by a syndicate of agents led by Cormark Securities Inc. and including National Bank Financial Inc. and Canaccord Genuity Corp., priced for between C$8 million and C$10 million on April 10.
The company sold common shares at C$0.41 per share on a best-efforts basis. The price per share is an 18% discount to the C$0.50 closing price on April 9.
ePals sold 21,107,776 shares in the first tranche and 3,282,224 shares in the second tranche.
Proceeds will be used will be used for working capital and general corporate purposes.
The education media company is based in Washington, D.C.
| Issuer: | ePals Corp.
|
| Issue: | Common shares
|
| Amount: | C$9,999,900
|
| Price: | C$0.41
|
| Warrants: | No
|
| Agents: | Cormark Securities Inc. (lead), National Bank Financial Inc. and Canaccord Genuity Corp.
|
| Pricing date: | April 10
|
| Settlement dates: | April 19 (for C$8,654,188); April 24 (for C$1,345,712)
|
| Stock symbol: | TSX Venture: SLN
|
| Stock price: | C$0.50 at close April 9
|
| Market capitalization: | C$33.75 million
|
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