Deal's funds slated for acquisition, debt reduction, working capital
By Devika Patel
Knoxville, Tenn., April 7 - Open EC Technologies, Inc. said it has arranged a C$1.5 million non-brokered private placement of units.
The company will sell 18.75 million units of one common share and a half-share warrant at C$0.08 apiece.
Each whole warrant is exercisable at C$0.12 for one year. The strike price reflects a 33.33% premium to the closing share price of C$0.09 on April 6.
Proceeds will be used for the company's planned acquisition of i-Plexus Solutions Inc., debt reduction and general working capital.
Vancouver, B.C.-based Open EC develops e-business software.
| Issuer: | Open EC Technologies, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 18.75 million
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | April 7
|
| Stock symbol: | TSX Venture: OCE
|
| Stock price: | C$0.09 at close April 6
|
| Market capitalization: | C$4.35 million
|
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