By Sheri Kasprzak
New York, Feb. 6 - Ontario Hose Specialties Inc. said it intends to raise C$1.5 million in a private placement of units.
The company will issue up to 30 million units of one share and one warrant. The warrants are exercisable at C$0.10 each for two years.
Proceeds will be used to enhance shareholder value, according to a statement from the company.
Based in Mississauga, Ont., Ontario Hose distributes hose, fittings and accessories to the tank, petroleum, chemical, food and industrial markets.
| Issuer: | Ontario Hose Specialties Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.5 million (maximum)
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| Units: | 30 million (maximum)
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| Price: | C$0.05
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.10
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| Pricing date: | Feb. 6
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| Stock symbol: | TSX Venture: OHS
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| Stock price: | C$0.045 at close Feb. 6
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