By Devika Patel
Knoxville, Tenn., Feb. 26 - Wood Composite Technologies Inc. announced it has raised C$1.05 million in the first tranche of a C$1.25 million non-brokered private placement of stock. The deal priced with another, brokered stock sale on Feb. 11. The company plans to raise C$4.25 million from both deals.
In this tranche, Wood Composite sold 7,006,665 common shares.
The company plans to sell a total of up to 8.3 million shares at C$0.15 each in the non-brokered deal and up to 20 million shares at the same price for C$3 million in a brokered deal.
There is a C$205,000 greenshoe on the non-brokered placement and a C$1,001,000 over-allotment option on the brokered offering.
The brokered deal is being conducted by Canaccord Adams.
Proceeds will be used for working capital, marketing expansion and inventory build-up.
Based in Nisku, Alta., Wood Composite manufactures composite decking products.
| Issuer: | Wood Composite Technologies Inc.
|
| Issue: | Common shares
|
| Amount: | C$4,245,000
|
| Greenshoe: | C$1.21 million
|
| Shares: | 28.3 million
|
| Price: | C$0.15
|
| Warrants: | No
|
| Agent: | Non-brokered (for C$1.25 million), Canaccord Adams (for C$3 million)
|
| Pricing date: | Feb. 11
|
| Settlement date: | Feb. 26 (for C$1,051,000)
|
| Stock symbol: | TSX Venture: WCT
|
| Stock price: | C$0.145 at close Feb. 8
|
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