By Devika Patel
Knoxville, Tenn., Nov. 16 - iseemedia Inc. plans a C$2.5 million private placement of units.
The company will sell 15,625,000 units of one common share and one half-share warrant at C$0.16 per unit. Each whole warrant will be exercisable at C$0.32 for two years.
Expiry of the warrant may be accelerated to 30 days if the closing price of the company's shares is higher than C$0.45 for 15 consecutive trading days.
Northern Securities Inc., the agent, has a C$500,000 greenshoe.
Settlement is expected Dec. 11.
Proceeds will be used for sales and marketing, research and development, product and market expansion and general corporate and working capital purposes.
iseemedia is a software developer based in Toronto.
| Issuer: | iseemedia Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Greenshoe: | C$500,000
|
| Units: | 15,625,000
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.32
|
| Agent: | Northern Securities Inc.
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 11
|
| Stock symbol: | TSX Venture: IEE
|
| Stock price: | C$0.18 at close Nov. 13
|
| Market capitalization: | C$9.22 million
|
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