By Devika Patel
Knoxville, Tenn., March 22 - Extenway Solutions Inc. said it took in C$3.68 million in the first tranche of an C$8 million private placement of units. The deal priced Monday, and the company settled this tranche a few hours later.
The company is selling 32 million units at C$0.25 apiece. It sold 14.73 million units in the first tranche.
Each unit consists of one common share and one warrant. Each three-year warrant will be exercisable at C$0.50 in the first year, at C$0.70 in the second year and at C$1.00 thereafter.
Montreal-based Extenway provides services to the hospitality industry.
| Issuer: | Extenway Solutions Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$8 million
|
| Units: | 32 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.50 in the first year, C$0.70 in the second year, C$1.00 thereafter
|
| Pricing date: | March 22
|
| Settlement date: | March 22 (for C$3,682,500)
|
| Stock symbol: | TSX Venture: EY
|
| Stock price: | C$0.235 at close March 19
|
| Market capitalization: | C$20.4 million
|
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