Jacob, Macquarie Private Wealth sell the units on a best-efforts basis
By Devika Patel
Knoxville, Tenn., Sept. 12 - Magor Corp. said it negotiated a C$2 million private placement of units. The company may increase the deal, which is expected to be fully subscribed.
The company will sell 6,666,666 units of one common share and one warrant at C$0.30 per unit.
Each warrant will be exercisable at C$0.60 for three years. The strike price reflects a 66.67% premium to the Sept. 11 closing share price of C$0.36.
The deal will be 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.
The Ottawa, Ont., company is developing a software-based visual collaboration solution that focuses on a shift in the legacy videoconferencing market from hardware-centric to software-based solutions.
| Issuer: | Magor Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 6,666,666
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.60
|
| Agents: | Jacob Securities Inc. (lead), Macquarie Private Wealth Inc.
|
| Pricing date: | Sept. 12
|
| Stock symbol: | TSX Venture: MCC
|
| Stock price: | C$0.36 at close Sept. 11
|
| Market capitalization: | C$15.59 million
|
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