New Issue: Diversinet closes $5 million private placement of shares

By LLuvia Mares

New York, Sept. 4 - Diversinet Corp. announced Tuesday it concluded a private placement of shares for $5 million.

Blue Cross of Northeastern Pennsylvania purchased 6,756,757 shares at $0.74 per share. No warrants were included in the deal.

Following completion of the transaction, there are 41,742,075 shares outstanding.

The company also signed a license and revenue share agreement with AllOne, a wholly owned subsidiary of Blue Cross to cross license certain software and share revenues from the sales of combined software.

Under the three-year agreement, Diversinet will receive $2 million annually as a minimum commitment from AllOne.

Proceeds from the sale will be used for working capital purposes.

Toronto-based Diversinet specializes in wireless data application and security infrastructure products and services.

Issuer: Diversinet Corp.

Issue: Shares

Amount: $5 million

Shares: 6,756,757

Price: $0.74

Warrants: No

Agent: Non-brokered

Closing date: Sept. 4

Stock symbol: OTCBB: DVNTF

Stock price: $0.80 at close Aug. 31

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.