By Devika Patel
Knoxville, Tenn., Dec. 6 - Zaio Corp. said it will take in C$15 million in a private placement of units.
The company will sell 13.6 million units at C$1.10 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$1.50 for two years.
Clarus Securities Inc. and another agent will be conducting the deal. The agents will receive a 7% cash commission and a number of compensation options equal to 7% of the number of units sold. Each compensation option is exercisable for one unit at C$1.10 for two years.
Proceeds will be used to accelerate photography and data gathering operations throughout the United States as well as for working capital and general corporate purposes. Settlement is expected on Dec. 13.
Based in Calgary, Alta., Zaio maintains a database of property information.
| Issuer: | Zaio Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$15 million
|
| Units: | 13.6 million
|
| Price: | C$1.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50
|
| Agents: | Clarus Securities Inc., others
|
| Fees: | 7% in cash and options
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 13
|
| Stock symbol: | TSX Venture: ZAO
|
| Stock price: | C$1.35 at close Dec. 6
|
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