By Sheri Kasprzak
New York, Dec. 16 - Noveko Echographs Inc. said it intends to raise up to C$3 million and at least C$1.5 million in a private placement of units as part of its proposed acquisition of Lapjack (Canada) Ltd.
The offering includes up to 6 million units and at least 3 million units at C$0.50 each.
The units consist of one share and one-fifth share warrant. The whole warrants are exercisable at C$1.00 each for two years.
André Leroux, Noveko's chief executive officer and a director of Lapjack subsidiary Bolduc Leroux Inc., agreed to buy up to C$1.5 million of the units.
Under the terms of the acquisition, Noveko intends to buy all of the outstanding shares of Lapjack from Alain Bolduc. The purchase price is up to C$4 million and will paid with C$500,000 in cash and the issue of 7 million units of one class A share and one-fifth share warrant, exercisable under the same terms as the private placement.
The acquisition is slated to close Feb. 15.
Based in Montreal, Noveko designs real-time ultrasound scanners for use in veterinary medicine.
| Issuer: | Noveko Echographs Inc.
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| Issue: | Units of one share and one-fifth share warrant
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| Amount: | C$3 million (maximum); C$1.5 million (minimum)
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| Units: | 6 million (maximum); 3 million (minimum)
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| Price: | C$0.50
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| Warrants: | One fifth-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
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| Investors: | André Leroux (for C$1.5 million)
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| Pricing date: | Dec. 16
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| Stock price: | C$0.53 at close Dec. 16
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