By Devika Patel
Knoxville, Tenn., Oct. 13 - CloudBench Applications Inc. said it will raise C$1 million in a non-brokered private placement of units.
The company will sell 500,000 units at C$2.00 apiece. Each unit consists of one series 1 7% convertible retractable preferred share and 12.5 warrants.
Each preferred may be converted into 25 common shares.
Each whole warrant will be exercisable at C$0.24 for five years.
Victoria, B.C.'s CloudBench develops, sells and supports Local Government Manager, a web-based service to meet the needs of local governments that wish to employ the software-as-a-service software model.
| Issuer: | CloudBench Applications Inc.
|
| Issue: | Units of one series 1 7% convertible retractable preferred share and 12.5 warrants
|
| Amount: | C$1 million
|
| Units: | 500,000
|
| Price: | C$2.00
|
| Warrants: | 12.5 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.24
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 13
|
| Stock symbol: | TSX Venture: CBH
|
| Stock price: | C$0.045 at close Oct. 12
|
| Market capitalization: | C$888,000
|
|
|
| Preferreds
|
| Dividends: | 7%
|
| Conversion ratio: | Into 25 common shares
|
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