Funds to be used for sales and general and administrative expenditures
By Devika Patel
Knoxville, Tenn., May 24 - Medworxx Solutions Inc. said it completed a C$3.11 million private placement of units. The deal priced for C$2.5 million with a 15% greenshoe on May 8.
The company sold 9,136,754 units of one common share and one half-share warrant at C$0.34 per unit. Each whole warrant will be exercisable at C$0.40 for four years. The strike price reflects a 2.56% premium to the May 7 closing share price of C$0.39.
Of the units, 1,783,754 were part of the greenshoe.
The offering was conducted on a best-efforts basis through lead agent Paradigm Capital Inc. and MGI Securities Inc.
Proceeds will be used for sales and general and administrative expenditures to increase the company's sales across North America and the United Kingdom and for general working capital.
Medworxx is a Mississauga, Ont., health information technology company.
| Issuer: | Medworxx Solutions Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3,106,496 (including C$606,476 greenshoe)
|
| Units: | 9,136,754
|
| Price: | C$0.34
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.40
|
| Agents: | Paradigm Capital Inc. (lead), MGI Securities Inc.
|
| Pricing date: | May 8
|
| Settlement date: | May 24
|
| Stock symbol: | TSX Venture: MWX
|
| Stock price: | C$0.39 at close May 7
|
| Market capitalization: | C$5.75 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.
