By Sheri Kasprzak
New York, July 20 - Z28 Capital Corp. priced a C$3 million private placement.
The offering includes up to 7.5 million subscription receipts at C$0.40 each.
Each receipt is exchangeable on a one-for-one basis for post-consolidation shares of Z28 once the company's acquisition of illumiCell Corp. is completed.
The company also proposed a 2.11-for-1 stock consolidation.
Versant Partners Inc. is the placement agent for the placement.
Proceeds will be used to implement illumiCell's business plan and to provide working capital.
IllumiCell, based in Calgary, Alta., provides search services for merchants through computers and wireless devices.
Calgary, Alta.-based Z28 is a capital pool company.
| Issuer: | Z28 Capital Corp.
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| Issue: | Subscription receipts exchangeable for post-consolidation shares
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| Amount: | C$3 million
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| Subscription receipts: | 7.5 million
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| Price: | C$0.40
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| Warrants: | No
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| Placement agent: | Versant Partners Inc.
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| Pricing date: | July 20
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| Stock symbol: | TSX Venture: ZAK
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| Stock price: | C$0.20 at close July 20
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