Brokered offering sells receipts at C$0.35 apiece via agent syndicate
By Devika Patel
Knoxville, Tenn., June 17 – Anchor Capital Corp. said it plans to combine with Intraline Medical Aesthetics Pty Ltd. and the companies will raise between C$3 million and C$5 million in a private placement of subscription receipts. Under a May 25 letter agreement, Anchor and Intraline agreed to complete a business combination to form a new company named Intraline Medical Aesthetics Inc.
Intraline will sell subscription receipts at C$0.35 apiece, a 600% premium to Anchor Capital’s June 16 closing share price of C$0.05.
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, establish a Polydioxanone thread manufacturing facility, expand Intraline’s footprint into new markets and for general working capital purposes.
Anchor is a capital pool company based in Calgary, Alta. Intraline is a pharmaceutical company focused on minimally invasive and non-invasive preventative and restorative medical aesthetic and cosmetic products. It is headquartered in Kelowna, B.C.
| Issuer: | Intraline Medical Aesthetics Inc.
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| Issue: | Subscription receipts
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| Amount: | C$3 million (minimum), C$5 million (maximum)
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| Price: | C$0.35
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| Warrants: | No
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| Pricing date: | June 17
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| Stock symbol: | TSX Venture: ANC.P
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| Stock price: | C$0.05 at close June 16
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| Market capitalization: | C$68.13 million
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