By Sheri Kasprzak
New York, Oct. 13 - Lemontonic Inc. said it has reduced the price on its previously announced private placement, bringing the total proceeds down to C$1.61 million.
The company will now offer the 23 million subscription receipts at C$0.07 each.
The deal was first announced Sept. 30 as a C$1.84 million offering with the receipts priced at C$0.08 each.
The receipts are exchangeable on a one-for-one basis for units of one share and one warrant upon completion of Lemontonic's amalgamation with Pioneering Technology, Inc.
The warrants are exercisable at C$0.15 each for two years.
Research Capital Corp. is the placement agent for the offering, which is now expected to close Oct. 20.
Lemontonic is a Toronto-based networking software company.
| Issuer: | Lemontonic Inc.
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| Issue: | Subscription receipts exchangeable for units of one share and one warrant
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| Amount: | C$1.61 million
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| Receipts: | 23 million
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| Price: | C$0.07
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| Warrants: | One warrant per unit upon exchange
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| 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
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| Amended: | Oct. 13
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| Settlement date: | Oct. 20
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| Stock price: | C$0.08 at close Sept. 30
|
| Stock price: | C$0.07 at close Oct. 13
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