By Sheri Kasprzak
New York, Nov. 8 - Lemontonic Inc. said it has concluded its previously announced and downsized private placement for C$1,231,988.
The company issued 20,533,130 subscription receipts at C$0.06 each.
The receipts are exchangeable on a one-for-one basis for units of one share and one warrant once Lemontonic completes its amalgamation with Pioneering Technology Inc. The warrants will be exercisable at C$0.10 each for two years.
The offering was first announced on Sept. 30 as a C$1,995,000 deal comprised of 23 million receipts at C$0.085 each. The deal was first scaled back on Oct. 6 with the price per receipt reduced to C$0.08. The price was later reduced to C$0.07 and on Oct. 25 was ultimately cut to C$0.06.
Research Capital Corp. was the placement agent.
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$1,231,988
|
| Receipts: | 20,533,130
|
| Price: | C$0.06
|
| Warrants: | One warrant per unit upon exchange
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Placement agent: | Research Capital Corp.
|
| Pricing date: | Sept. 30
|
| Settlement date: | Nov. 7
|
| Stock price: | C$0.08 at close Sept. 30
|
| Stock price: | C$0.05 at close Nov. 7
|
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