5,714,286 units on bought deal basis; 2,857,143 on best efforts basis
By Devika Patel
Knoxville, Tenn., March 2 – Apivio Systems Inc. said it may raise up to C$3.3 million in a private placement of units with underwriter PI Financial Corp. The deal priced for C$3 million on Monday and was increased a few hours later.
The company will sell 9,428,571 units of one common share and one warrant at C$0.35 per unit on a bought deal basis.
Each whole warrant is exercisable at C$0.55 for two years. The strike price is a 44.74% premium to the Feb. 27 closing share price of C$0.38.
Settlement is expected March 24.
Proceeds will be used for general working capital and corporate purposes.
The technology company is based in Vancouver, B.C.
| Issuer: | Apivio Systems Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$3.3 million
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| Units: | 9,428,571
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| Price: | C$0.35
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.55
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| Underwriter: | PI Financial Corp.
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| Pricing date: | March 2
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| Upsized: | March 2
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| Settlement date: | March 24
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| Stock symbol: | TSX Venture: APV
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| Stock price: | C$0.38 at close Feb. 27
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| Market capitalization: | C$37.19 million
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