Company weighs offering in light of recent volatility of stock price
By Devika Patel
Knoxville, Tenn., April 20 – Keek Inc. said it has delayed settling the first tranche of a C$15 million private placement of units and is reconsidering the deal’s terms due to the “recent market volatility” of its stock price. The offering was announced March 3 and priced on April 1. Cantor Fitzgerald Canada Corp. is the agent.
The company said at pricing that it plans to sell units of one common share and one warrant at C$0.94 per unit on a best-efforts basis. The two-year warrants will each exercisable at C$1.18, which is a 0.86% premium to the March 31 closing share price of C$1.17.
Settlement of the first tranche was expected on April 10.
Proceeds will be used for general corporate purposes, including debt repayment and the acquisition of vessels.
Toronto- and New York-based Keek provides a global mobile video network.
| Issuer: | Keek Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$15 million
|
| Price: | C$0.94
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.18
|
| Agent: | Cantor Fitzgerald Canada Corp.
|
| Announcement date: | March 3
|
| Pricing date: | April 1
|
| Stock symbol: | TSX Venture: TEU
|
| Stock price: | C$1.17 at close March 31
|
| Market capitalization: | $6.53 million
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