By Sheri Kasprzak
New York, May 2 - Automated Benefits Corp. has settled, including the partially exercised over-allotment option, its previously announced private placement for C$7,197,000.
The company sold 23.99 million units at C$0.30 each, including the greenshoe for 7,323,333 units exercised by placement agents Canaccord Capital Corp. and Northern Securities Inc.
The units consist of one share and one half-share warrant, with each whole warrant exercisable at C$0.35 through May 2, 2008.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$0.75 for more than 20 consecutive trading days any time 18 months after closing.
The deal priced April 12 as a C$5 million offering of 16,666,667 units.
Proceeds will be used for sales and marketing, research and development and general working capital.
Based in Waterloo, Ont., Automated develops software used by insurance companies to process claims.
| Issuer: | Automated Benefits Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7,197,000
|
| Units: | 23.99 million (includes greenshoe for 7,323,333 units)
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 2, 2008
|
| Warrant strike price: | C$0.35
|
| Placement agents: | Canaccord Capital Corp., Northern Securities Inc.
|
| Pricing date: | April 12
|
| Settlement date: | May 2
|
| Stock symbol: | TSX Venture: AUT
|
| Stock price: | C$0.33 at close April 12
|
| Stock price: | C$0.38 at close May 2
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