By Laura Lutz
Des Moines, May 14 - Cygnal Technologies Corp. arranged a private placement of units for up to C$2.75 million.
The company plans to sell up to 5 million units of one share and one half-share warrant at C$0.55 per unit. Each whole warrant will be exercisable at C$0.75 for up to five years.
Proceeds will be used for general corporate purposes.
Settlement is expected shortly after May 15.
Markham, Ont.-based Cygnal provides network communication solutions.
| Issuer: | Cygnal Technologies Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2.75 million
|
| Units: | 5 million
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.75
|
| Pricing date: | May 14
|
| Stock symbol: | Toronto: CYN
|
| Stock price: | C$0.61 at close May 11
|
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