By Sheri Kasprzak
New York, Oct. 6 - Lemontonic Inc. said it has dropped the price per unit on its previously announced private placement, lowering the proceeds to C$1.84 million.
The company will sell 23 million subscription receipts at C$0.08, down from the originally announced C$0.085.
The receipts are exchangeable on a one-for-one basis for units of one share and one warrant. The warrants allow for the purchase of another share at C$0.15 each for two years.
None of the other terms of the offering have changed since its pricing on Sept. 30.
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 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
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| Amount: | C$1.84 million
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| Receipts: | 23 million
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| Price: | C$0.08
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| Warrants: | One warrant per unit upon exchange
|
| Warrant expiration: | Two years
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| Warrant strike price: | C$0.15
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| Placement agent: | Research Capital Corp.
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| Pricing date: | Sept. 30
|
| Amended: | Oct. 6
|
| Stock price: | C$0.08 at close Sept. 30
|
| Stock price: | C$0.075 at close Oct. 5
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