Company raises C$500,000 in tranche, funds operations, working capital
By Devika Patel
Knoxville, Tenn., Oct. 18 - Clearford Industries Inc. said it will conduct a private placement of units.
The company will sell units of one common share and one half-share warrant at C$0.25 apiece for C$1.16 million. Each whole warrant is exercisable at C$0.30 for two years.
The strike price is a 25% premium to the Oct. 15 closing share price of C$0.28.
The private placement will close in tranches. The company has already raised C$500,000.
Proceeds will be used for internal operations and working capital.
Based in Ottawa, Clearford develops wastewater management systems.
| Issuer: | Clearford Industries Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,160,500
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Settlement date: | Oct. 18 (for C$500,000)
|
| Stock symbol: | TSX Venture: CLI
|
| Stock price: | C$0.28 at close Oct. 15
|
| Market capitalization: | C$13.45 million
|
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