By Devika Patel
Knoxville, Tenn., June 3 - Kingsway International Holdings Ltd. said it completed the first tranche of a C$5 million private placement of stock for C$4.5 million. The deal priced for C$8 million and was amended to its current size on May 20.
The company is selling 10 million common shares at C$0.50 per share. It sold 9 million shares in this tranche. The company's principal shareholder, Sun Wah Group, invested C$4 million by buying 8 million shares.
Proceeds will be used to fund current investment transactions and for general working capital.
Based in Toronto, Kingsway is a provider of international financial intermediary services from its platform in Hong Kong.
| Issuer: | Kingsway International Holdings Ltd.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 10 million
|
| Price: | C$0.50
|
| Warrants: | No
|
| Investor: | Sun Wah Group (for C$4 million)
|
| Pricing date: | Sept. 11
|
| Amended: | May 20
|
| Settlement date: | June 3 (for C$4.5 million)
|
| Stock symbol: | Toronto: KIH
|
| Stock price: | C$0.60 at close May 20
|
| Market capitalization: | C$52.2 million
|
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