By Devika Patel
Knoxville, Tenn., Dec. 12 - Hemisphere GPS Inc. said it has entered into an agreement with a syndicate of underwriters led by Canaccord Adams for a private placement of special warrants and possibly common shares to raise up to C$20 million.
The company will sell 5,555,600 special warrants at C$3.15 apiece on a bought-deal basis for C$17.50 million.
Each warrant is convertible into one share at no additional cost on the earlier of the business day after a receipt has been issued by Canadian securities regulatory authorities for a final prospectus qualifying the distribution of the shares and 120 days following the closing date, which is expected to be Dec. 31.
The offering may include up to C$2.5 million in common shares sold to shareholders of Beeline Technologies Pty. Ltd.
Calgary, Alta.-based Hemisphere GPS is a designer and manufacturer of advanced GPS products.
| Issuer: | Hemisphere GPS Inc.
|
| Issue: | Special warrants convertible into common shares, possibly common shares
|
| Amount: | C$20,000,140
|
| Underwriter: | Canaccord Adams (lead)
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 31
|
| Stock symbol: | Toronto: HEM
|
| Stock price: | C$3.34 at close Dec. 11
|
|
|
| Warrants
|
| Amount: | C$17,500,140
|
| Warrants: | 5,555,600
|
| Price: | C$3.15
|
|
|
| Shares
|
| Amount: | C$2.5 million
|
| Investor: | Beeline Technologies Pty. Ltd.
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