By Devika Patel
Knoxville, Tenn., Feb. 12 - MetroBridge Networks International Inc. announced a private placement of units for C$2 million.
The deal consists of 7,692,307 units at C$0.26 per unit. Each unit will be comprised of one share and one half-share warrant. Each warrant is exercisable at C$0.31 for two years.
Jennings Capital Inc. and Canaccord Capital Corp. are the agents. The agents have a 100% greenshoe.
Proceeds will be used to complete the previously announced acquisition of WiBand Communications Corp., as well as for working capital and general corporate purposes.
Vancouver, B.C.-based MetroBridge develops and deploys broadband wireless solutions for businesses using standardized and readily available wireless broadband equipment.
| Issuer: | MetroBridge Networks International Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2 million
|
| Greenshoe: | 100%, or C$2 million
|
| Units: | 7,692,307
|
| Price: | C$0.26
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.31
|
| Placement agent: | Jennings Capital Inc., Canaccord Capital Corp.
|
| Pricing date: | Feb. 12
|
| Stock symbol: | TSX Venture: MEB
|
| Stock price: | C$0.28 at close Feb. 11
|
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