Company sells a total of 5.75 million shares for $1.44 million
By Marisa Wong
Madison, Wis., May 15 - Buildablock Corp. sold an additional 2.2 million shares of its common stock on April 30 at $0.25 per share, for total proceeds of $550,000, according to an 8-K filing with the Securities and Exchange Commission.
The company previously completed an $886,750 private placement of shares on April 20. The latest tranche brings the total size of the placement to $1.44 million.
In the first tranche, the company sold 3,547,000 shares at $0.25 per share.
In both tranches, investors received one warrant for each share issued. The company issued a total of 5,747,000 warrants. Each warrant is exercisable at $0.50 per share until Aug. 31, 2013. The strike price is a 42.86% premium to the closing share price of $0.35 on April 19.
Buildablock is a Montreal-based internet and mobile services company.
| Issuer: | Buildablock Corp.
|
| Issue: | Shares
|
| Amount: | $1,436,750 (increased from $886,750)
|
| Shares: | 5,747,000
|
| Price: | $0.25
|
| Warrants: | For 5,747,000 shares (one warrant per share)
|
| Warrant expiration: | Aug. 31, 2013
|
| Warrant strike price: | $0.50
|
| Settlement dates: | April 20 for $886,750; April 30 for $550,000
|
| Stock symbol: | OTCBB: BABL
|
| Stock price: | $0.65 at close May 14
|
| Market capitalization: | $10.51 million
|
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