Deal sells units to fund working capital, general corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 4 - TransGaming Inc. said it raised C$150,000 in the second tranche of a C$1.8 million non-brokered private placement of units. It raised C$175,000 on Nov. 20.
The company sold 875,000 units of one common share and one warrant at C$0.20 per unit in the initial tranche and 1,566,416 units at C$0.09576 per unit in the second tranche.
Each first-tranche 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. The two-year second tranche warrants are each exercisable at C$0.1436, a 24.42% discount to the Nov. 19 closing price.
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, C$0.09576
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30, C$0.1436
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 20 (for C$175,000), Dec. 4 (for C$150,000)
|
| Stock symbol: | TSX Venture: FEB
|
| Stock price: | C$0.19 at close Nov. 19
|
| Market capitalization: | C$3.71 million
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