By Sheri Kasprzak
Atlanta, Dec. 17 - QSound Labs Inc. said Friday it will raise $2 million in a private placement.
The offering includes 347,826 shares at $5.75 each and warrants for up to 139,130 shares. The warrants allow for an additional share at $9.12 each for five years.
Investors in the deal will also receive additional investment rights for up to 521,739 shares and 208,696 warrants, which will be available the later of July 16, 2005 or 180 days after the registration statement is effective.
Kaufman Bros. LP was the placement agent in the deal.
Based in Calgary, Alta., QSound develops audio and voice software. The company plans to use the proceeds from the deal for working capital as it expands its voice-over-internet protocol business.
| Issuer: | QSound Labs Inc.
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| Issue: | Stock
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| Amount: | $2 million
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| Shares: | 347,826
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| Price: | $5.75
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| Warrants: | For up to 139,130 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $9.12
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| Placement agent: | Kaufman Bros. LP
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| Announcement date: | Dec. 17
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| Stock price: | $7.05 at close Dec. 16
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