Company is raising proceeds to expand data generation and analysis
By Devika Patel
Knoxville, Tenn., Aug. 8 - BlueScout Technologies said it plans a C$5 million private placement of special warrants through lead agent Stifel Nicolaus Canada, Inc. and Fraser Mackenzie, Ltd. Hunter-Hall plans to participate.
There is a 15% greenshoe.
The special warrants are automatically convertible into units of one common share and one warrant, with each three-year warrant exercisable at C$0.10. The strike price is a 25% premium to the Aug. 7 closing share price of C$0.08.
Proceeds will be used to take the company's flagship product, the OCS-210, into substantially larger volume production, expand data generation and analysis in partnership with key customers and for general working capital.
BlueScout, formerly Catch the Wind Ltd., is a Toronto wind power producer.
| Issuer: | BlueScout Technologies
|
| Issue: | Special warrants convertible into units of one common share and one warrant
|
| Amount: | C$5 million
|
| Greenshoe: | 15%
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.10
|
| Agents: | Stifel Nicolaus Canada, Inc. (lead) and Fraser Mackenzie, Ltd.
|
| Investor: | Hunter-Hall
|
| Pricing date: | Aug. 8
|
| Stock symbol: | TSX Venture: SCT
|
| Stock price: | C$0.08 at close Aug. 7
|
| Market capitalization: | C$12 million
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