By Susanna Moon
Chicago, July 16 - OSI Geospatial Inc. said it agreed to sell C$3.5 million of units in a private placement.
The company will issue 5.4 million units at C$0.65 each. Underwriters can exercise an option for an additional 850,000 units exercisable at the offering price.
Each unit consists of one share and one half-share warrant with each whole warrant exercisable at C$0.80 each for 24 months.
The underwriter is Clarus Securities Inc.
The issue is expected to settle on July 31.
Proceeds will be used for development and other growth initiatives, the company said in a press release.
OSI is a Vancouver, B.C.-based company that delivers geospatial systems and software for military, safety and security applications.
Issuer OSI Geospatial Inc.
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3.5 million
|
| Greenshoe: | C$552,500
|
| Units: | 5.4 million
|
| Price: | C$0.65
|
| Warrants: | One half-share per unit
|
| Warrant expiration: | 24 months
|
| Warrant strike price: | C$0.80
|
| Underwriter: | Clarus Securities Inc.
|
| Announcement date: | July 16
|
| Settlement date: | July 31
|
| Stock symbol: | Toronto: OSI
|
| Stock price: | C$0.66 at close July 13
|
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