By Sheri Kasprzak
New York, May 7 - Automated Benefits Corp. settled a C$3,668,800 private placement.
The company issued 18.344 million units at C$0.20 each.
The units include one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.25 each for two years. The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.60 for more than 10 consecutive trading days.
Proceeds will be used for sales and marketing, research and development and working capital.
Located in Toronto, Automated Benefits is software company focused on developing applications for the insurance sector.
| Issuer: | Automated Benefits Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3,668,800
|
| Units: | 18.344 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Settlement date: | May 7
|
| Stock symbol: | TSX Venture: AUT
|
| Stock price: | C$0.21 at close May 4
|
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