Deal sells shares at C$0.30; Michael Wekerle invests C$1.28 million
By Devika Patel
Knoxville, Tenn., June 11 - Difference Capital Funding Inc. said it completed an C$8.73 million second tranche of a non-brokered private placement of stock on June 8. The deal raised C$21.54 million on May 31 for total proceeds of C$30.23 million.
In the first tranche, the company sold 71.8 million common shares at C$0.30 apiece, a 500% premium to the May 30 closing share price of C$0.05. It sold 29.1 million shares in the second tranche.
Michael Wekerle invested C$1.28 million.
"The funding is a crucial element in our progress towards establishing an innovative merchant bank specializing in investments in the technology sector," chairman Wes Hall said in a press release on May 31.
Difference Capital, formerly TriNorth Capital Inc., is a Toronto-based merchant bank.
Issuer: | Difference Capital Funding Inc.
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Issue: | Common shares
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Amount: | C$30.27 million
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Shares: | 100.9 million
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Price: | C$0.30
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Warrants: | No
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Agent: | Non-brokered
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Investor: | Michael Wekerle (for C$1,275,000)
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Settlement date: | May 31 (for C$21.54 million), June 8 (for C$8.73 million)
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Stock symbol: | TSX Venture: DCF
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Stock price: | C$0.05 at close May 30
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Market capitalization: | C$3.21 million
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