By Sheri Kasprzak
Atlanta, Oct. 28 - Kangaroo Media Inc. received C$5.15 million in a private placement, the company said Thursday.
The company sold 12.882 million units of one share and one share purchase warrant at C$0.40 for a total of C$5,152,800.
The warrants allow for the purchase of an additional share at C$0.50 for two years.
Agents CIBC World Markets and Dundee Securities Inc. have the option to buy an additional 901,740 units at C$0.40 per unit for two years.
Kangaroo, based in Montreal, is a media company that provides a handheld spectator device. The company plans to use the funds from the financing for partnership development, research and working capital.
| Issuer: | Kangaroo Media Inc.
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| Issue: | Units of one share and one share purchase warrant
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| Amount: | C$5.15 million
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| Shares: | 12,882,000 units
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Placement agent: | CIBC World Markets and Dundee Securities Inc.
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| Settlement date: | Oct. 27
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| Stock price: | C$0.55 at close Oct. 27
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