Non-brokered deal will fund working capital, research and development
By Devika Patel
Knoxville, Tenn., Nov. 11 - Avante Logixx Inc. said it has completed a non-brokered private placement of units.
The company sold 6.92 million units at C$0.25 apiece for C$1.73 million. Each unit consists of one common share and one warrant.
Each two-year warrant is exercisable at C$0.40. The strike price is a 63.27% premium to C$0.245, the Nov. 10 closing share price.
Proceeds will be used to fund working capital, for ongoing research and development activities and to fund current liabilities.
Toronto's Avante manufactures and markets the Smartboxx, which provides "anytime, anywhere" true two-way communication.
| Issuer: | Avante Logixx Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.73 million
|
| Units: | 6.92 million
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 11
|
| Stock symbol: | TSX Venture: XX
|
| Stock price: | C$0.245 at close Nov. 10
|
| Market capitalization: | C$11.67 million
|
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