Non-brokered deal negotiated to strengthen company's working capital
By Devika Patel
Knoxville, Tenn., Sept. 26 - Gemoscan Canada, Inc. said it took in C$620,000 in the initial tranche of a C$1 million non-brokered private placement of units. The deal priced Aug. 17.
The company is selling 2,857,143 units of one class A share and one half-share warrant at C$0.35 per unit. It sold 1,771,428 units in the first tranche.
Each whole warrant is exercisable at C$0.55 for two years. The strike price is a 37.5% premium to the Sept. 26 closing share price of C$0.40.
Proceeds will be used to enhance the company's cash on hand and strengthen its working capital position.
The Toronto company owns and markets the Hemocode System, a lifestyle solution using chemiluminescence technology that detects and provides solutions for food intolerances.
Issuer: | Gemoscan Canada, Inc.
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Issue: | Units of one class A share and one half-share warrant
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Amount: | C$1 million
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Units: | 2,857,143 (1,771,428 in first tranche)
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Price: | C$0.35
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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$0.55
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Agent: | Non-brokered
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Pricing date: | Aug. 17
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Settlement date: | Sept. 28 (for C$620,000)
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Stock symbol: | CNSX: GES
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Stock price: | C$0.40 at close Sept. 26
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