Non-brokered offering generates proceeds to finance development
By Devika Patel
Knoxville, Tenn., April 26 - TrueContext Mobile Solutions Corp. announced it settled a C$1.9 million non-brokered private placement of units. The deal priced for C$2 million on April 11.
The company sold 11,875,000 units of one common share and one half-share warrant at C$0.16 apiece.
Each whole warrant is exercisable at C$0.30 for two years. The strike price represents a 66.67% premium to the April 8 closing share price of C$0.18.
Proceeds will be used for product development, sales support and general working capital purposes.
The provider of mobile business software solutions is based in Toronto.
| Issuer: | TrueContext Mobile Solutions Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.9 million
|
| Units: | 11,875,000
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | C$0.30
|
| Warrant expiration: | Two years
|
| Agent: | Non-brokered
|
| Pricing date: | April 11
|
| Settlement date: | April 26
|
| Stock symbol: | TSX Venture: TMN
|
| Stock price: | C$0.18 at close April 11
|
| Market capitalization: | C$11.7 million
|
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