Deal offers 15 million common shares at C$0.20 each, a 42.86% premium
By Devika Patel
Knoxville, Tenn., Aug. 30 - Hamilton Thorne Ltd. said it raised C$2.49 million in the first tranche of a C$3 million private placement of stock. The deal priced Aug. 8 and was revised Aug. 25.
The company is selling about 15 million common shares at C$0.20 per share. It sold 12,469,500 shares in the first tranche.
The price per share is a 42.86% premium to C$0.14, the Aug. 5 closing share price. Insiders bought C$2.4 million of the shares.
The company previously planned to sell about 12 million common shares at C$0.25 per share.
The placement will remain open until Sept. 23.
Proceeds will be used to reduce the balance on the company's bank line of credit from $5 million to $3.5 million, for research and development and to provide working capital.
Hamilton Thorne is a Toronto-based provider of advanced laser systems for the regenerative medicine, fertility and stem cell research markets.
| Issuer: | Hamilton Thorne Ltd.
|
| Issue: | Common stock
|
| Amount: | C$3 million (approximate)
|
| Shares: | 15 million (approximate)
|
| Price: | C$0.20
|
| Warrants: | No
|
| Pricing date: | Aug. 8
|
| Amended: | Aug. 25
|
| Settlement dates: | Aug. 30 (for C$2,493,900), Sept. 23
|
| Stock symbol: | TSX Venture: HTL
|
| Stock price: | C$0.14 at close Aug. 5
|
| Market capitalization: | C$4.39 million
|
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