By Sheri Kasprzak
New York, July 7 - Diversinet Corp. settled a $4,008,000 private placement.
The company sold 6,680,001 units at $0.60 apiece.
The units consist of one share and one warrant. Half of the warrants are exercisable at $0.75 each for two years and the other half at $0.90 each for two years.
Albert Wahbe subscribed for 4.6 million of the units and will now be Diversinet's chairman. The rest of the units were purchased by institutional and individual investors.
The proceeds from the deal will be used for working capital and general corporate purposes.
Located in Toronto, Diversinet develops software used in wireless applications.
| Issuer: | Diversinet Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $4,008,000
|
| Units: | 6,680,001
|
| Price: | $0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.75 for half of the warrants; $0.90 for half of the warrants
|
| Investor: | Albert Wahbe (lead)
|
| Settlement date: | June 30
|
| Stock symbol: | OTCBB: DVNTF
|
| Stock price: | $0.58 at close June 30
|
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