Non-brokered offering funds working capital purposes and acquisitions
By Devika Patel
Knoxville, Tenn., March 6 – ARHT Media Inc. said it raised C$1 million in the second and final tranche of a C$2.07 million non-brokered private placement of units. The deal priced for C$2 million on Feb. 3 and was increased to about C$2.07 million on Feb. 25, when the company raised C$1.07 million.
The company sold 5,172,500 units of one common share and one half-share warrant at C$0.40 per unit, with each whole warrant exercisable at C$0.60 for two years. The strike price is a 46.34% premium to C$0.41, the Feb. 2 closing share price.
ARHT sold 2,672,500 units in the first tranche and 2.5 million units in the second.
Proceeds will be used for general working capital purposes and potential acquisitions.
The Toronto company builds interactive human holograms.
| Issuer: | ARHT Media Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,069,000
|
| Units: | 5,172,500
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 3
|
| Settlement dates: | Feb. 25 (for C$1,069,000), March 6 (for C$1 million)
|
| Stock symbol: | TSX Venture: ART
|
| Stock price: | C$0.41 at close Feb. 2
|
| Market capitalization: | C$23.74 million
|
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