Offer funds retirement of preference shares and corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 23 - OSI Geospatial Inc. said it will raise C$2 million in a private placement of stock via agent Cross Point Capital.
The company will sell 40 million common shares at C$0.05 per share. The price per share is identical to the Nov. 22 closing share price.
Settlement is expected on Dec. 5.
Proceeds will be used to retire some or all of the company's class B series 2 preference shares and for general corporate purposes.
OSI is a Vancouver, B.C.-based company that delivers geospatial systems and software for military, safety and security applications.
Issuer: | OSI Geospatial Inc.
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Issue: | Common shares
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Amount: | C$2 million
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Shares: | 40 million
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Price: | C$0.05
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Warrants: | No
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Agents: | Cross Point Capital
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Pricing date: | Nov. 23
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Settlement date: | Dec. 5
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Stock symbol: | TSX Venture: OSI
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Stock price: | C$0.05 at close Nov. 22
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Market capitalization: | C$2.67 million
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