By Sheri Kasprzak
New York, Jan. 11 - iseemedia Inc. closed the initial tranche of a planned C$2.45 million non-brokered private placement for C$2,028,024.
The company so far has issued 5,794,356 units at C$0.35 each.
The units include one share and one quarter-share warrant. Each whole warrant is exercisable at C$0.45 for one year.
The expiry of the warrants may be accelerated if the company's stock trades above C$0.60 for at least 10 consecutive trading days.
The offering priced Dec. 19 as a C$2.45 million deal comprised of 7 million units under the same terms.
Proceeds will be used for working capital.
iseemedia is a software developer based in Toronto.
| Issuer: | iseemedia Inc.
|
| Issue: | Units of one share and one quarter-share warrant
|
| Amount: | C$2,028,024
|
| Units: | 5,794,356
|
| Price: | C$0.35
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.45
|
| Placement agent: | Non-brokered
|
| Pricing date: | Dec. 19
|
| Settlement date: | Jan. 11 (for first tranche)
|
| Stock symbol: | TSX Venture: IEE
|
| Stock price: | C$0.30 at close Jan. 11
|
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