By Sheri Kasprzak
New York, Oct. 25 - Lemontonic Inc. said it has once again dropped the price on its previously announced private placement, bringing the proceeds down to C$1.38 million.
The company intends to sell 23 million subscription receipts at C$0.06 each.
The receipts are exchangeable on one-for-one basis for units of one share and one warrant once the company completes its amalgamation with Pioneering Technology Inc. The warrants will now be exercisable at C$0.10 each for two years, reduced from C$0.15.
The offering had initially been announced as a C$1,995,000 offering of 23 million receipts at C$0.085 each on Sept. 30. The offering was first scaled-back on Oct. 6 with the price per receipt reduced to C$0.08; the price was later reduced further to C$0.07.
Research Capital Corp. is the placement agent for the offering, which is expected to close Oct. 26.
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.
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| Issue: | Subscription receipts exchangeable for units of one share and one warrant
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| Amount: | C$1.38 million
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| Receipts: | 23 million
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| Price: | C$0.06
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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$0.10
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| Placement agent: | Research Capital Corp.
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| Pricing date: | Sept. 30
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| Amended: | Oct. 25
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| Settlement date: | Oct. 26
|
| Stock price: | C$0.08 at close Sept. 30
|
| Stock price: | C$0.06 at close Oct. 25
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