By Laura Lutz
Des Moines, Jan. 16 - WebTech Wireless Inc. completed a private placement of shares for proceeds of C$40.25 million, including a fully exercised greenshoe.
The company sold 8.05 million shares at C$5.00 each, including 1.05 million shares for the greenshoe.
The placement was conducted through a syndicate of underwriters led by Wellington West Capital Markets Inc. and GMP Securities LP and including Pacific International Securities Inc. and Paradigm Capital Inc.
Proceeds will be used to support consumer automotive initiatives in Brazil, for research and development, for sales and marketing, and for working capital and general corporate purposes.
WebTech is a location-based wireless services provider based in Burnaby, B.C.
| Issuer: | WebTech Wireless Inc.
|
| Issue: | Common shares
|
| Amount: | C$40.25 million
|
| Shares: | 8.05 million (includes greenshoe for 1.05 million shares)
|
| Price: | C$5.00
|
| Warrants: | No
|
| Underwriters: | Wellington West Capital Markets Inc. (lead), GMP Securities LP (lead), Pacific International Securities Inc., Paradigm Capital Inc.
|
| Settlement date: | Jan. 16
|
| Stock symbol: | TSX Venture: WEW
|
| Stock price: | C$5.50 at close Jan. 16
|
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