Company sells 2,848,935 units of one share and a half-share warrant
By Devika Patel
Knoxville, Tenn., Dec. 18 – Grande West Transportation Group Inc. said it settled a C$1.77 million private placement of units. The sale was conducted on a commercially reasonable efforts basis by a syndicate of agents co-led by Salman Partners Inc. and Jones, Gable and Co. Ltd. and priced for C$3.57 million with a C$713,000 greenshoe on Nov. 23.
The company sold 2,848,935 units of one common share and one half-share warrant at C$0.62 per unit.
Each whole warrant is exercisable at C$0.85 for two years. The strike price represents a 21.43% premium to C$0.70, the Nov. 20 closing share price.
Proceeds will be used for sales and marketing activities of the company’s Vicinity buses, as well as for working capital and general corporate purposes.
The bus manufacturing company is based in Vancouver, B.C.
| Issuer: | Grande West Transportation Group Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,766,400
|
| Units: | 2,848,935
|
| Price: | C$0.62
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.85
|
| Agent: | Salman Partners Inc. and Jones, Gable and Co. Ltd. (co-leads)
|
| Pricing date: | Nov. 23
|
| Settlement date: | Dec. 18
|
| Stock symbol: | TSX Venture: BUS
|
| Stock price: | C$0.70 at close Nov. 20
|
| Market capitalization: | C$27.68 million
|
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