Company will sell common shares at C$0.30 apiece to Medwell Capital
By Devika Patel
Knoxville, Tenn., Aug. 26 - Spectral Diagnostics Inc. said that its shareholders approved a C$10 million private placement of shares with investor Medwell Capital Corp. at a special meeting on Aug. 26. The deal priced on June 28 and is expected to settle on Aug. 31.
The company will sell 33,333,333 common shares at C$0.30 apiece. The price per share is a 3.45% premium to the June 27 closing share price of C$0.29.
Proceeds will be used complete and expand the company's Euphrates trial.
Spectral, based in Toronto, develops disease-management technologies.
| Issuer: | Spectral Diagnostics Inc.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 33,333,333
|
| Price: | C$0.30
|
| Warrants: | No
|
| Investor: | Medwell Capital Corp.
|
| Pricing date: | June 28
|
| Settlement date: | Aug. 31
|
| Stock symbol: | Toronto: SDI
|
| Stock price: | C$0.29 at close June 28
|
| Market capitalization: | C$20.94 million
|
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