Company raising proceeds to diversify the its investment strategy
By Devika Patel
Knoxville, Tenn., Oct. 1 - Difference Capital Funding Inc. said it plans a non-brokered private placement of special warrants to raise at least C$50 million.
The company will sell special warrants at C$0.35 each. The per-warrant price is identical to the Sept. 28 closing share price.
The special warrants are convertible into units of one common share and one half-share warrant, with each whole warrant exercisable at C$0.60 for two years. The strike price is a 71.43% premium to the Sept. 28 closing share price.
Settlement of the first tranche is expected Oct. 3.
Proceeds will be used for general expenses and to diversify the company's investment strategy to include mid-market ,non-resource growth opportunities.
Difference is a Toronto-based merchant bank.
| Issuer: | Difference Capital Funding Inc.
|
| Issue: | Special warrants convertible into units of one common share and one half-share warrant
|
| Amount: | C$50 million (minimum)
|
| Price: | C$0.35
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 3
|
| Stock symbol: | TSX Venture: DCF
|
| Stock price: | C$0.35 at close Sept. 28
|
| Market capitalization: | C$40.61 million
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