By Devika Patel
Knoxville, Tenn., April 24 - Wood Composite Technologies Inc. said it took in C$861,377 in the third tranche of an oversubscribed C$4.25 million private placement of stock, raising the size to C$4,703,144.95. The deal, which will be both non-brokered and brokered for portions, priced on Feb. 11.
Wood Composite raised C$1.05 million in the first tranche on Feb. 26 and C$2.79 million in the second tranche on March 31.
Wood Composite sold 7,006,665 common shares in the first tranche and 18,605,117 shares in the second. It sold 5,742,515 shares in this tranche.
This tranche results in 677,500 shares sold for C$101,625 in the brokered portion of the deal and 5,065,015 shares sold for $759,752.40 in the non-brokered portion.
The company said at pricing it planned to sell a total of up to 9,666,666 shares, up from 8.3 million shares, at C$0.15 each in the non-brokered portion of the deal and up to 20 million shares at the same price for C$3 million in the brokered portion.
This closing reflects an increase in the size of the non-brokered private placement of 2,555,016 shares for additional gross proceeds of $383,252.40 for an aggregate of 12,221,682 shares for gross proceeds of $1,833,252.40.
There is a C$205,000 greenshoe on the non-brokered placement and a C$1,001,000 over-allotment on the brokered offering.
Overall, the placement has resulted in the issue of 31,354,297 shares and gross proceeds of C$4,703,144.95.
The brokered deal is being conducted by Canaccord Adams.
Proceeds will be used for working capital purposes, 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$4,703,144.95 (up from C$4,245,000)
|
| Greenshoe: | For C$1.21 million
|
| Shares: | 31,354,297
|
| 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), March 31 (for C$2,790,767.55), April 24 (for C$861,377.40)
|
| Stock symbol: | TSX Venture: WCT
|
| Stock price: | C$0.145 at close Feb. 8
|
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