By Sheri Kasprzak
New York, Nov. 30 - HydraLogic Systems Inc. said it closed the first tranche of its previously announced C$4 million private placement for C$1,888,015.
The company issued 3,776,030 units at C$0.50 each.
The units are composed of one share and one half-share warrant. The whole warrants are exercisable at C$0.70 each for two years.
Kingsdale Capital Markets Inc. is the placement agent for the offering.
The offering was first announced on Oct. 7. The company intends to sell, in total, 8 million units under the same terms.
Proceeds will be used for the company's acquisition of Sager Industries Ltd. and for general corporate purposes.
Based in Barrie, Ont., HydraLogic develops technologies that replace harmful pollutants with non-toxic organic solutions.
| Issuer: | HydraLogic Systems Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1,888,015
|
| Units: | 3,776,030
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.70
|
| Placement agent: | Kingsdale Capital Markets Inc.
|
| Pricing date: | Oct. 7
|
| Settlement date: | Nov. 30 (for the first tranche)
|
| Stock price: | C$0.50 at close Oct. 7
|
| Stock price: | C$0.40 at close Nov. 30
|
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