By Devika Patel
Knoxville, Tenn., March 26 - Opsens Inc. announced it will conduct a C$4 million private placement of units. The deal is being conducted by a syndicate of agents led by M Partners Inc. and including Desjardins Securities Inc. and Blackmont Capital Inc.
The company will sell 5 million units at C$0.80 apiece. Each unit will consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$1.10 for two years.
If the company's common shares trade at or above C$1.50, the warrants will expire 30 days after the company notifies holders.
The agents will have a 15% greenshoe.
Opsens will pay a 7% finder's fee to the agents and issue 7% in agent's warrants, exercisable at C$0.80 for two years.
Proceeds will be used for acquisitions, marketing and for general working capital purposes.
Quebec City-based Opsens develops fiber optic sensors and signal conditioners used in the oil and natural gas sector.
| Issuer: | Opsens Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Greenshoe: | 15%
|
| Units: | 5 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.10
|
| Agents: | M Partners Inc. (lead), Desjardins Securities Inc., Blackmont Capital Inc.
|
| Fees: | 7% in cash and warrants
|
| Pricing date: | March 26
|
| Stock symbol: | TSX Venture: OPS
|
| Stock price: | C$0.89 at close March 25
|
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