Brokered offering sells receipts at $1.15 apiece via agent syndicate
By Devika Patel
Knoxville, Tenn., Aug. 8 – Anchor Capital Corp. said it plans to combine with Clip Interactive, LLC and the companies will raise between $6 million and $8 million in a private placement of subscription receipts. Under a Nov. 6 letter agreement, Anchor and Clip agreed to complete a business combination to form a new company named Clip Interactive, Inc.
Clip Interactive will sell subscription receipts at $1.15 apiece.
Each subscription receipt will be automatically converted into common shares of the combined company.
The offering will be conducted on a commercially reasonable efforts basis by a syndicate of agents.
Proceeds will be used to execute on existing contracts and accelerate sales activation in all markets. Proceeds will also be used to accelerate partnerships with radio personalities and recording artists as well as to execute on emerging international opportunities.
Anchor is a capital pool company based in Calgary, Alta. Clip is a Boulder, Colo., technology company that enables listeners to interact with anything they hear on the radio through an app on their phone.
| Issuer: | Clip Interactive, Inc.
|
| Issue: | Subscription receipts
|
| Amount: | $6 million (minimum), $8 million (maximum)
|
| Price: | $1.15
|
| Warrants: | No
|
| Pricing date: | Nov. 30
|
| Settlement date: | Aug. 28
|
| Stock symbol: | TSX Venture: ANC.P
|
| Stock price: | C$0.04 at close Nov. 27
|
| Market capitalization: | C$248,130
|
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