Manaris raises $1.5 million from private placement of special warrants

By Sheri Kasprzak

New York, July 29 - Manaris Corp., formerly C-Chip Technologies Inc., said it has completed a private placement of special warrants for more than $1.5 million.

Under the terms of the offering, each investor exercised series E warrants at $0.35 each in exchange for new series G and new series I incentive warrants. The new warrants are equal to 100% of the shares issuable at conversion.

The series G warrants are exercisable at $0.35 each for four and a half years, and the series I warrants are exercisable at $0.50 each for the same term.

Investors who exercised class A, series A or series F warrants in the special warrant offering received new series H and new series J incentive warrants, each equal to 25% and 50%, respectively, of the common shares issuable upon exercise of the warrants.

The series H warrants are exercisable at $0.35 each for four and a half years and the series J warrants are exercisable at $0.50 each for the same period.

The number of special warrants purchased could not be determined Friday.

Midtown Partners & Co., LLC was the placement agent for the transaction.

Montreal-based Manaris develops risk-management services and software.

On Friday, Manaris stock closed down $0.04, or 10.53%, at $0.34.

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