Brokered deal funds growth initiatives and general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 21 – Cortex Business Solutions Inc. said it has arranged a C$3 million private placement of stock with a C$450,000 greenshoe.
The company will sell 1.5 million common shares at C$2.00 each on a bought-deal basis. The price per share is a 1.48% discount to C$2.03, the Aug. 20 closing share price.
Settlement is expected Sept. 2.
The deal will be conducted by a syndicate of underwriters led by Cormark Securities Inc.
Proceeds will be used for growth initiatives and general corporate and working capital purposes.
Based in Calgary, Alta., Cortex provides e-business products and services.
| Issuer: | Cortex Business Solutions Inc.
|
| Issue: | Common stock
|
| Amount: | C$3 million
|
| Greenshoe: | C$450,000, or 225,000 shares
|
| Shares: | 1.5 million
|
| Price: | C$2.00
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Inc. (lead)
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 2
|
| Stock symbol: | TSX Venture: CBX
|
| Stock price: | C$2.03 at close Aug. 20
|
| Market capitalization: | C$15.6 million
|
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