Non-brokered deal sells units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., Feb. 5 – Zenn Motor Co. Inc. said it completed a C$1.05 million non-brokered private placement of units.
The company sold 2,793,000 units of one common share and one half-share warrant at C$0.375 per unit. Each whole warrant is exercisable at C$0.58 until Aug. 5, 2016. The strike price is a 56.76% premium to the Feb. 4 closing share price of C$0.37.
Canaccord Genuity Corp. was paid C$450 as a finder's fee and received 1,200 finder's warrants, and Industrial Alliance Securities Inc. was paid C$23,490 as a finder's fee and received 62,640 finder's warrants.
The Toronto company develops electrical storage technology.
| Issuer: | Zenn Motor Co. Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,047,375
|
| Units: | 2,793,000
|
| Price: | C$0.375
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Aug. 5, 2016
|
| Warrant strike price: | C$0.58
|
| Agent: | Non-brokered
|
| Settlement date: | Feb. 5
|
| Stock symbol: | TSX Venture: ZNN
|
| Stock price: | C$0.37 at close Feb. 4
|
| Market capitalization: | C$20.05 million
|
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