Deal inked alongside reverse takeover of Edgewater Computer Systems
By Devika Patel
Knoxville, Tenn., May 17 - KIK Polymers Inc. said it plans a brokered private placement of units in connection with its reverse takeover of Edgewater Wireless Systems, Inc., under which it will acquire all of Edgewater's outstanding shares for 35 million KIK shares. The placement will raise between C$5.63 million and C$6.47 million.
The company will sell units of one common share and one warrant at C$0.25 per unit. Each warrant will be exercisable at C$0.45 for two years.
The strike price is a 95.65% premium to the May 16 closing share price of C$0.23.
The Calgary, Alta., company does not yet have any operations.
| Issuer: | KIK Polymers Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5,625,000 (minimum), C$6,468,750 (maximum)
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Pricing date: | May 17
|
| Stock symbol: | TSX Venture: KPI.H
|
| Stock price: | C$0.23 at close May 16
|
| Market capitalization: | C$7.1 million
|
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