Greenshoe exercised in full; offering intended to fund working capital
By Devika Patel
Knoxville, Tenn., Feb. 16 - Genesis Worldwide Inc. said it completed a private placement of units. The deal priced for C$675,000 with a C$325,000 greenshoe on Jan. 28. The offering raised C$1 million via agent Canaccord Genuity Corp.
The company sold 20 million units of one common share and one half-share warrant at C$0.05 per unit. Of the units, 6.5 million were part of the fully exercised greenshoe.
Each whole warrant is exercisable at C$0.10 until Feb. 16, 2013. The strike price represents a 150% premium to C$0.04, the Jan. 27 closing share price.
Proceeds will be used for working capital.
Based in Mississauga, Ont., Genesis develops and licenses light steel structural building technologies aimed at the residential, commercial and institutional building markets.
| Issuer: | Genesis Worldwide Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million (including C$325,000 greenshoe)
|
| Units: | 20,000,000
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Feb. 16, 2013
|
| Warrant strike price: | C$0.10
|
| Agent: | Canaccord Genuity Corp.
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 16
|
| Stock symbol: | Toronto: GWI
|
| Stock price: | C$0.04 at close Jan. 28
|
| Market capitalization: | C$4.15 million
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