Deal's warrants are callable if shares trade above C$1.20 for 10 days
By Susanna Moon
Chicago, May 11 - Lingo Media Corp. said it closed a non-brokered private placement of units containing stock and callable warrants for proceeds of C$1,125,000.
The company sold 1,875,000 units of one share and one warrant at C$0.60 per unit, with each warrant exercisable at C$0.75 until Nov. 11, 2012.
The strike price is a 6.25% discount to the company's closing price on May 10.
The warrants are callable after Sept. 11 if the company's shares trade at or above C$1.20 for 10 consecutive trading days.
Proceeds will be used for sales and marketing, product development, corporate development and general working capital.
Lingo Media is a Toronto-based diversified online and print-based education products and services company focused on English language learning.
| Issuer: | Lingo Media Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,125,000
|
| Units: | 1,875,000
|
| Price: | C$0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Nov. 11, 2012
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Settlement date: | May 11
|
| Stock symbol: | TSX Venture: LM
|
| Stock price: | C$0.80 at close May 10
|
| Market capitalization: | C$11.16 million
|
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