Non-brokered deal offers units of one share and one warrant at C$0.18
By Devika Patel
Knoxville, Tenn., July 15 – CRS Electronics Inc. said it plans a C$2.02 million non-brokered private placement of units.
The company will sell 11.2 million units of one common share and one warrant at C$0.18 per unit.
Each warrant is exercisable at C$0.18 for two years. The strike price is a 12.5% premium to the July 14 closing share price of C$0.16.
Settlement is expected July 28.
Canaccord Genuity Corp will assist with the offering and will receive a 6% cash commission and compensation options equal to 6% of the number of units sold.
Proceeds will be used for general corporate and working capital purposes.
CRS Electronics is a Welland, Ont., engineer, designer and manufacturer of LED lighting.
| Issuer: | CRS Electronics Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,016,000
|
| Units: | 11.2 million
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.18
|
| Agent: | Non-brokered
|
| Pricing date: | July 15
|
| Settlement date: | July 28
|
| Stock symbol: | TSX Venture: LED
|
| Stock price: | C$0.16 at close July 14
|
| Market capitalization: | C$12.96 million
|
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