By Sheri Kasprzak
Atlanta, May 5 -MagIndustries Corp. said it plans to raise up to $2.9 million in a non-brokered private placement.
The offering includes up to 3,866,667 units at $0.75 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at $1.20 each for two years.
The deal is being conducted in connection with the company's $20 million placement of units through placement agent Kingsdale Capital Markets Inc.
Based in Halifax, N.S., MagIndustries provides magnesium alloys for the automotive industry. The proceeds will be used to develop its three business sectors - potash, magnesium and energy. The remainder will be used for general corporate purposes.
| Issuer: | MagIndustries Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $2.9 million
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| Units: | 3,866,667
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| Price: | $0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | $1.20
|
| Pricing date: | May 5
|
| Stock price: | $0.70 at close May 4
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