Non-brokered offering sells units of one share, one warrant at C$0.35
By Devika Patel
Knoxville, Tenn., March 4 - Smart Employee Benefits Inc. said it settled a C$1.11 million non-brokered private placement of units. The deal priced for C$1 million on Jan. 23.
The company sold units of one common share and one warrant at C$0.35 per unit.
Each four-year warrant is exercisable at C$0.50 in year one, C$0.55 in year two, C$0.65 in year three and C$0.75 in year four. The strike prices are 42.86%, 57.14%, 85.71% and 114.29% premiums to the Jan. 22 closing share price of C$0.35.
BBS Securities Inc. was paid a finder's fee.
Proceeds will be used for acquisitions and working capital requirements.
The Toronto-based company is an employee benefits company focusing on plan administration and claim processing services to the Canadian market.
| Issuer: | Smart Employee Benefits Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1,106,000
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike prices: | C$0.50 in year one, C$0.55 in year two, C$0.65 in year three and C$0.75 in year four
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 23
|
| Settlement date: | March 4
|
| Stock symbol: | TSX Venture: SEB
|
| Stock price: | C$0.35 at close Jan. 22
|
| Market capitalization: | C$16.93 million
|
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