By Laura Lutz
Washington, Dec. 15 - DoveCorp Enterprises Inc. plans to conduct a C$2 million private placement of units.
The company intends to sell units of one share and one half-share warrant at C$0.14 per unit. The exact number of units was not released.
Each whole warrant will be exercisable at C$0.20 for two years. Expiry of the warrants may be accelerated to 30 days if, any time more than four months after settlement, the weighted average price of the company's shares is at least C$0.40 for 20 consecutive trading days.
Weslosky & Cowans Ltd. will act as agent for the company.
Settlement is expected on Dec. 22.
Proceeds will be used for working capital.
DoveCorp is a Toronto-based dry cleaning company.
Issuer: | DoveCorp Enterprises Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$2 million
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Price: | C$0.14
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.20
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Agent: | Weslosky & Cowans Ltd.
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Pricing date: | Dec. 15
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Settlement date: | Dec. 22
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Stock symbol: | TSX Venture: DOV
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Stock price: | C$0.15 at close Dec. 15
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