Non-brokered deal finances growth, debt repayment and working capital
By Devika Patel
Knoxville, Tenn., March 13 – Dealnet Capital Corp. said it raised C$554,790 in the second tranche of a non-brokered private placement of units. The deal priced for between C$2.5 million and C$5 million on Nov. 25 and raised C$2.51 million on Feb. 12.
As previously announced, the company is selling 26,315,790 units of one common share and one warrant at C$0.19 per unit.
Dealnet sold 13,205,309 units in the initial tranche and 2,919,945 units in the second.
Each warrant is exercisable at C$0.30 for 18 months. The strike price is a 57.9% premium to the Nov. 24 closing share price of C$0.19.
Proceeds will be used for growth, to repay debt from a recent acquisition and for working capital and general and administrative purposes.
The banking company is based in Toronto.
| Issuer: | Dealnet Capital Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 26,315,790
|
| Price: | C$0.19
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 25
|
| Settlement date: | Feb. 12 (for C$2,509,012), March 13 (for C$554,790)
|
| Stock symbol: | CNSX: DLS
|
| Stock price: | C$0.19 at close Nov. 24
|
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