Greenshoe exercised for C$695,201 of units; proceeds fund marketing
By Devika Patel
Knoxville, Tenn., March 4 - Lingo Media Inc. said it settled a private placement of units. The deal raised C$2.2 million, including a C$695,201 greenshoe, on a non-brokered basis.
The company sold 3,658,668 units of one common share and one warrant at C$0.60 apiece. Of the units, 1,158,668 were part of the greenshoe.
Each warrant is exercisable at C$0.75 until Sept. 4, 2012. The strike price represents a 7.14% premium to C$0.70, the March 3 closing share price.
Proceeds will be used for sales, marketing, product development, corporate development and general working capital purposes.
Lingo Media, based in Toronto, develops, publishes, distributes and licenses products for English language learning, targeted primarily to the educational school and retail bookstore markets in China and Canada.
| Issuer: | Lingo Media Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,195,201 (including C$695,201 greenshoe)
|
| Units: | 3,658,668
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Sept. 4, 2012
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Settlement date: | March 4
|
| Stock symbol: | TSX Venture: LM
|
| Stock price: | C$0.72 at close March 4
|
| Market capitalization: | C$10.04 million
|
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