By Sheri Kasprzak
New York, Sept. 30 - Lemontonic Inc. said it has arranged a private placement of subscription receipts for C$1,955,000.
The company plans to sell 23 million receipts at C$0.085 each.
The receipts are exchangeable on a one-for-one basis for units of one share and one warrant. The warrants are exercisable at C$0.15 each for two years.
Proceeds from the offering will be held in escrow until the company completes its amalgamation with Pioneering Technology Inc.
Research Capital Corp. is the placement agent.
The deal is expected to close Oct. 11.
The proceeds will be used for working capital for New Pioneering, the company that will exist following the amalgamation.
Based in Toronto, Lemontonic produces web-based instant messaging software.
| Issuer: | Lemontonic Inc.
|
| Issue: | Subscription receipts exchangeable for units of one share and one warrant
|
| Amount: | C$1,955,000
|
| Receipts: | 23 million
|
| Price: | C$0.085
|
| Warrants: | One warrant per unit upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Placement agent: | Research Capital Corp.
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 11
|
| Stock price: | C$0.085 at close Sept. 29
|
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