By Sheri Kasprzak
Atlanta, Nov. 2 - Lemontonic Inc. said Tuesday it will hit the private placement market with a C$5 million offering.
The deal consists of 33.3 million class A shares offered at a price to be determined, but based upon an undiscounted price of C$0.15 per share.
Canaccord Capital Ltd. will serve as placement agent in the deal.
Lemontonic also engaged Canaccord to act as adviser and broker to list the shares on the Alternative Investment Market of the London Stock Exchange after the private placement closes.
Lemontonic is a Toronto-based networking software company. The company plans to use the proceeds from its private placement for marketing, product research and development, for payment of outstanding accounts, and for general working capital.
| Issuer: | Lemontonic Inc.
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| Issue: | Stock
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| Amount: | C$5 million
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| Shares: | 33.3 million class A shares
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| Price: | To be determined, based upon an undiscounted price of C$0.15
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| Warrants: | No
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| Placement agent: | Canaccord Capital Ltd.
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| Announcement date: | Nov. 2
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| Stock price: | C$0.20 at close Nov. 1
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