By Sheri Kasprzak
Atlanta, April 21 - Musicrypt Inc. said it has wrapped a private placement of units for C$3 million.
The company sold 7.5 million units at C$0.40 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$0.80 each for the first year and C$0.90 each for the second year.
Kingsdale Capital Markets Inc. was the placement agent.
Based in Toronto, Musicrypt offers a web-based system that allows record labels and radio stations to receive music files. The proceeds will be used for expansion in the United States and Europe.
| Issuer: | Musicrypt Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million
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| Units: | 7.5 million
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.80 in first year; C$0.90 in second year
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| Placement agent: | Kingsdale Capital Markets Inc.
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| Settlement date: | April 21
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| Stock price: | C$0.45 at close April 21
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