Manaris closes C$2.6 million special warrant offering

By Sheri Kasprzak

New York, Aug. 9 - Manaris Corp. said it has closed a special warrant offering for C$2.6 million.

Under the terms of the offering, each participant exercising a series E warrant at $0.35 each received a new series G incentive warrant and a new series I incentive warrant equal to 100% of the number of shares issued upon the exercise of the series E warrant.

The series G and series I incentive warrants have a term of four and a half years and an exercise price of $0.35 and $0.50, respectively.

Investors exercising a class A warrant, series A warrant or series F warrant received a new series H incentive warrant and a new series J incentive warrant equal to 25% and 50%, respectively, of the shares issued upon the conversion of the class A, series A or series F warrants.

The series H warrants are exercisable at $0.35 each, the series J at $0.50 each, and both have a term of four and a half years.

The number of warrants issued could not be determined Tuesday.

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

Based in Montreal, Manaris is a risk management services company focused on the security industry.

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