Non-brokered offering funds working capital and equipment acquisitions
By Wendy Van Sickle
Columbus, Ohio, Jan. 25 – ARHT Media Inc. closed its C$1.72 million non-brokered private placement of units, according to a press release. The deal priced for up to C$2 million on Dec. 4.
The company sold 6.89 million units of one common share and one half-share warrant at C$0.25 per unit, with each whole warrant exercisable at C$0.30 for three years. The strike price is a 75% premium the Dec. 3 closing share price of C$0.20.
If at any time after four months and one day from the closing, the common shares of ARHT trade at C$0.45 per share or higher on a volume-weighted-adjusted basis for 20 straight days, the may accelerate the expiration of the warrants to a date that is 30 days after the company issues a news release announcing is decision to do so.
Proceeds will be used for general working capital purposes and equipment acquisitions.
The Toronto company builds interactive human holograms.
| Issuer: | ARHT Media Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1,723,000
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| Units: | 6,892,000
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.30
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| Agent: | Non-brokered
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| Pricing date: | Dec. 4
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| Settlement date: | Jan. 25
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| Stock symbol: | TSX Venture: ART
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| Stock price: | C$0.21 at close Jan. 25
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