By Sheri Kasprzak
New York, July 26 - Avenue Financial Corp. said it has received C$587,325 from a private placement for up to C$1 million.
The company sold a total of 11,746,500 units at C$0.05 each.
The units include one share and one warrant. The warrants allow for the purchase of an additional share at C$0.10 each for two years.
Avenue intends to sell 20 million units under the same terms and is in the process of increasing the total offering by another 16 million units.
The private placement was first announced on March 18.
Toronto-based Avenue is an administrator of segregated and pooled managed fund products and services. The proceeds from the deal will be used to retire the balance of an outstanding debenture. The remainder will be used for working capital.
| Issuer: | Avenue Financial Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$587,325
|
| Units: | 11,746,500
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | March 18
|
| Settlement date: | July 26 (for C$587,325)
|
| Stock price: | C$0.045 at close March 18
|
| Stock price: | C$0.02 at close July 26
|
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