Company sells common stock at C$1.60 per share to multiple investors
By Devika Patel
Knoxville, Tenn., Sept. 26 - Medwell Capital Corp. said it increased a non-brokered private placement of stock to C$4.35 million from C$4.25 million. The deal priced Aug. 3.
The company will now sell 2,719,625 common shares at C$1.60 apiece.
Birch Hill Equity Partners IV, LP, Birch Hill Equity Partners (US) IV, LP and Birch Hill Equity Partners (Entrepreneurs) IV, LP are among the investors.
The company received shareholder approval to execute a one-for-20 reverse stock split. The price per share is a 33% premium to the company's Aug. 2 closing share price expressed on a post-reverse split basis.
Settlement is expected Oct. 2.
Medwell is an investment and advisory firm in Edmonton, Alta.
| Issuer: | Medwell Capital Corp.
|
| Issue: | Common shares
|
| Amount: | C$4,351,400
|
| Shares: | 2,719,625
|
| Price: | C$1.60
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Birch Hill Equity Partners IV, LP, Birch Hill Equity Partners (US) IV, LP and Birch Hill Equity Partners (Entrepreneurs) IV, LP
|
| Pricing date: | Aug. 3
|
| Upsized: | Sept. 26
|
| Settlement date: | Oct. 2
|
| Stock symbol: | TSX Venture: MWC
|
| Stock price: | C$0.06 at close Aug. 2
|
| Market capitalization: | C$86.46 million
|
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