Jacob, Macquarie Private Wealth sold the units on a best-efforts basis
By Devika Patel
Knoxville, Tenn., Oct. 11 - Magor Corp. said it settled a C$1.45 million private placement of units. The deal priced for C$2 million on Sept. 12 and was revised on Sept. 26.
The company sold 5,809,300 units of one common share and one half-share warrant at C$0.25 per unit, decreased from C$0.30 per unit of one share and one full warrant.
Each whole warrant is exercisable at C$0.40 for three years. The strike price reflects an 11.11% premium to the Sept. 11 closing share price of C$0.36. The warrants originally were exercisable at C$0.60.
The deal was conducted on a best-efforts basis by a syndicate of agents led by Jacob Securities Inc. and including Macquarie Private Wealth Inc.
Proceeds will be used to accelerate the growth opportunity associated with the company's Aerus cloud-based video collaboration solutions.
"With this equity financing behind us, we are now in a stronger position to expand our Aerus cloud-based visual collaboration services through major global carriers and solutions integrators," president and chief executive officer Mike Pascoe said in a press release. "We have been successful at securing requests for service trials with more than 20 carriers and solutions integrators around the globe, and this list continues to grow.
"We are also excited that the Magor story attracted a number of very reputable Canadian institutional investors to participate in this financing, and we look forward to working closely with them."
The Ottawa, Ont., company is developing a software-based visual collaboration solution that focuses on shift in the legacy videoconferencing market, from hardware-centric to software based solutions.
| Issuer: | Magor Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,452,325
|
| Units: | 5,809,300
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.40
|
| Agents: | Jacob Securities Inc. (lead), Macquarie Private Wealth Inc.
|
| Pricing date: | Sept. 12
|
| Revised: | Sept. 26
|
| Settlement date: | Oct. 11
|
| Stock symbol: | TSX Venture: MCC
|
| Stock price: | C$0.36 at close Sept. 11
|
| Market capitalization: | C$13.07 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
