Offering proceeds help company retire its debt, fund working capital
By Devika Patel
Knoxville, Tenn., Nov. 4 - Zolon Corp. said it sold 5.1 million units at $0.30 apiece in a private placement. The company raised C$1.53 million in the deal.
The units consist of one common share and one warrant and each warrant is exercisable at $0.60, a 100% premium to the Nov. 3 closing share price of $0.30.
Proceeds were used to retire financing from prior acquisitions and for working capital.
Based in Rolling Meadows, Ill., Zolon is an information technology company.
| Issuer: | Zolon Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1.53 million
|
| Units: | 5.1 million
|
| Price: | $0.30
|
| Warrants: | One warrant per unit
|
| Warrant strike price: | $0.60
|
| Settlement date: | Nov. 4
|
| Stock symbol: | OTCBB: ZLON
|
| Stock price: | $0.30 at close Nov. 3
|
| Market capitalization: | $9.95 million
|
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