By Devika Patel
Knoxville, Tenn., March 28 - TIO Networks Corp. priced a C$2 million private placement of units, then increased the deal a few hours later to C$3.5 million.
The company will sell 4.67 million units, increased from 2.67 million units, of one share and one half-share warrant at C$0.75 per unit. Each whole warrant will be exercisable at C$1.00 for 18 months.
PI Financial Corp. is the lead underwriter in a syndicate that also includes GMP Securities LP. The underwriters have a greenshoe for another 400,000 units, or C$300,000.
Settlement is expected on April 29.
Proceeds will be used for working capital and general corporate purposes.
Based in Burnaby, B.C., TIO develops a network of financial services kiosks for non-bank marketplaces.
Issuer: | TIO Networks Corp.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$3,502,500
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Greenshoe: | C$300,000
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Units: | 4.67 million
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Price: | C$0.75
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.00
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Underwriters: | PI Financial Corp. (lead), GMP Securities LP
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Pricing date: | March 28
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Settlement date: | April 29
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Stock symbol: | TSX Venture: TNC
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Stock price: | C$0.82 at close March 27
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