One-year promissory notes sold with warrants to finance business plan
By Devika Patel
Knoxville, Tenn., Nov. 25 – EQ Inc. said it raised C$1,421,000 in a non-brokered private placement of 8% non-convertible secured promissory notes. The deal priced for C$1.45 million on Aug. 20.
Each note matures in one year.
Investors also received seven warrants for each C$1.00 invested, or 9,947,000 warrants. Each warrant is exercisable at C$0.10 for one year. The strike price is an 11.11% premium to the Aug. 19 closing share price of C$0.09.
Investors included chairman and director Vernon Lobo, president, chief executive officer and director Geoffrey Rotstein and chief technology officer Dilshan Kathriarachchi.
Proceeds will be used to execute the company’s business plan and for working capital requirements.
The digital advertising company is based in Toronto.
| Issuer: | EQ Inc.
|
| Issue: | Secured promissory notes
|
| Amount: | C$1,421,000 (approximate)
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Warrants: | Seven warrants per C$1.00 invested
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Agents: | Non-brokered
|
| Investors: | Vernon Lobo, Geoffrey Rotstein and Dilshan Kathriarachchi
|
| Pricing date: | Aug. 20
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Toronto: EQ
|
| Stock price: | C$0.09 at close Aug. 19
|
| Market capitalization: | C$872,150
|
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