Institutional fund manager signs up for C$1.49 million of shares
By Susanna Moon
Chicago, July 21 - Extenway Solutions Inc. said it plans a private placement of common shares to raise at least C$2.5 million. An institutional fund manager has signed a subscription agreement for C$1,494,000.
The company will sell a minimum of 14,705,883 shares at C$0.17 each, which was the closing pricing of the company's shares on July 20.
Proceeds will be used for working capital.
IBS Capital, s.e.n.c. is the agent.
Investors will receive another 0.307692308 shares for each subscribed share if Extenway or its subsidiaries have not entered into signed agreements by the first anniversary of closing for the commercialization of its interactive media service with hospitals or other social services institutions with respect to no fewer than 2,000 beds total, according to a company press release.
The placement is expected to close on Sept. 19.
Montreal-based Extenway provides services to the hospitality industry.
| Issuer: | Extenway Solutions Inc.
|
| Issue: | Shares
|
| Amount: | C$2.5 million
|
| Shares: | 14,705,883
|
| Price: | C$0.17
|
| Warrants: | No
|
| Pricing date: | July 21
|
| Settlement date: | Sept. 19
|
| Stock symbol: | TSX Venture: EY
|
| Stock price: | C$0.17 at close July 20
|
| Market capitalization: | C$18.94 million
|
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