Company sells receipts which convert to units of a share, one warrant
By Devika Patel
Knoxville, Tenn., Sept. 26 - ZipLocal Inc. said it will conduct a C$15 million private placement of subscription receipts. The deal has a C$2.25 million greenshoe.
The company will sell 75 million receipts, which convert into units of one common share and one warrant, at C$0.20 per receipt.
Each warrant is exercisable at C$0.25 for two years.
Settlement is expected Oct. 31.
The offering will be conducted on a best-efforts basis through a syndicate of agents led by Clarus Securities Inc. and including Wildlaw Capital Markets Inc.
Toronto-based ZipLocal maintains a business directory.
| Issuer: | ZipLocal Inc.
|
| Issue: | Subscription receipts convertible into units of one common share and one warrant
|
| Amount: | C$15 million
|
| Greenshoe: | C$2.25 million
|
| Receipts: | 75 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agents: | Clarus Securities Inc. (lead), Wildlaw Capital Markets Inc.
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 31
|
| Stock symbol: | TSX Venture: ZIP.H
|
| Stock price: | C$0.01 at close Sept. 25
|
| Market capitalization: | C$398,780
|
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