Company seeks to fund strategic acquisitions, general working capital
By Devika Patel
Knoxville, Tenn., Jan. 19 - ZoomerMedia Ltd. said it will conduct a private placement of stock. The deal will raise C$15 million via agent Dundee Securities Corp.
The company will sell 60 million common shares at C$0.25 per share on a best-efforts basis. The price per share is a 4.17% premium to the Jan. 18 closing share price of C$0.24.
The deal has a C$750,000 greenshoe. Settlement is expected on Feb. 25.
Proceeds will be used for strategic acquisitions and for general corporate working capital purposes.
The Toronto-based company operates a Canadian website specifically for adults over 45, providing content, commerce and community.
| Issuer: | ZoomerMedia Ltd.
|
| Issue: | Common stock
|
| Amount: | C$15 million
|
| Greenshoe: | C$750,000
|
| Shares: | 60 million
|
| Price: | C$0.25
|
| Warrants: | No
|
| Agent: | Dundee Securities Corp.
|
| Pricing date: | Jan. 19
|
| Settlement date: | Feb. 25
|
| Stock symbol: | TSX Venture: ZUM
|
| Stock price: | C$0.24 at close Jan. 18
|
| Market capitalization: | C$57.36 million
|
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