Non-brokered offering will finance general working capital purposes
By Devika Patel
Knoxville, Tenn., Oct. 23 – Upsnap, Inc. said it settled its fully subscribed C$1.05 million non-brokered private placement of units. The deal priced on Thursday.
The company sold 35 million units of one common share and one half-share warrant at C$0.03 per unit. Each whole warrant will be exercisable at C$0.05 for three years. The strike price reflects a 66.67% premium to the Oct. 21 closing share price of C$0.03.
UFPB VoodooVox LLC is expected to buy 15 million units for C$450,000.
Proceeds will be used for general working capital purposes.
Upsnap, based in Davidson, N.C., provides weather, sports and entertainment news for handheld mobile devices.
| Issuer: | Upsnap, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.05 million
|
| Units: | 35 million
|
| Price: | C$0.03
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.05
|
| Agent: | Non-brokered
|
| Investor: | UFPB VoodooVox LLC (for C$450,000)
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 23
|
| Stock symbol: | CNSX: UP
|
| Stock price: | C$0.03 at close Oct. 21
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
