Company also cancels Aug. 16 C$1 million private placement of units
By Devika Patel
Knoxville, Tenn., Nov. 20 - TransGaming Inc. said it raised C$175,000 in the first tranche of a C$1.8 million non-brokered private placement of units. It also cancelled plans for a C$1 million private placement of units that priced on Aug. 16.
The company is selling units of one common share and one warrant at C$0.20 per unit. It sold 875,000 units in the initial tranche.
Each warrant will be exercisable at C$0.30 for two years. The strike price reflects a 57.9% premium to the Nov. 19 closing share price of C$0.19.
Proceeds will be used for working capital and general corporate purposes.
Based in Toronto, TransGaming is a developer of software portability products that allow game developers and publishers to develop games for one system and deploy them across multiple platforms.
| Issuer: | TransGaming Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.8 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 20 (for C$175,000)
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.19 at close Nov. 19
|
| Market capitalization: | C$12.49 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
