By Laura Lutz
Des Moines, April 2 - DoveCorp Enterprises Inc. raised C$300,000 from the second tranche of its C$2 million private placement of units, bringing the total proceeds so far to C$625,000.
In total, the offering is expected to include up to 12.5 million units at C$0.16 each. The company sold 2,031,250 units in the first closing and 1.875 million in the second closing.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$0.20 for two years.
Expiry of the warrants may be accelerated to 30 days if the average weighted trading price of the company's stock is higher than C$0.40 for 20 consecutive trading days.
Weslosky & Cowans Ltd. is the placement agent.
Proceeds will be used for working capital.
Toronto-based DoveCorp is a dry cleaning and laundry company.
| Issuer: | DoveCorp Enterprises Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 12.5 million
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Placement agent: | Weslosky & Cowans Ltd.
|
| Pricing date: | March 2
|
| Settlement date: | March 21 (for C$325,000); April 2 (for C$300,000)
|
| Stock symbol: | TSX Venture: DOV
|
| Stock price: | C$0.14 at close March 2
|
| Stock price: | C$0.165 at close March 20
|
| Stock price: | C$0.18 at close April 2
|
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