By Devika Patel
Knoxville, Tenn., Jan. 3 - GridSense Systems Inc. completed a C$1.7 million private placement of units. The deal priced for C$1.74 million on Dec. 4.
The company sold 24,285,714 units at C$0.07 each. It originally intended to sell up to 24,825,714 units at that price. The units consist of one common share and one warrant with each warrant exercisable at C$0.10 for six months.
Acorn Factor bought 15,714,285 units for C$1.1 million.
Proceeds will be used for product enhancements, commercializing of new products, sales and support, expansion into the China marketplace and general working capital.
Based in Vancouver, B.C., GridSense Systems designs and markets monitoring systems for electric utilities.
| Issuer: | GridSense Systems Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,737,800
|
| Units: | 24,285,714
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Six months
|
| Warrant strike price: | C$0.10
|
| Investor: | Acorn Factor, Inc. (for C$1.1 million)
|
| Pricing date: | Dec. 4
|
| Settlement date: | Jan. 3
|
| Stock symbol: | TSX Venture: GSN
|
| Stock price: | C$0.06 at close Dec. 3
|
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