Offering sells 2.02 million units with two-year, half-share warrants
By Devika Patel
Knoxville, Tenn., Oct. 16 – Destiny Media Technologies Inc. said it will conduct a $505,000 private placement of units.
The company will sell 2.02 million units of one common share and one half-share warrant at $0.25 per unit.
Each whole, two-year warrant will be exercisable at $0.30. The strike price is a 20% premium to the Oct. 15 closing share price of $0.25.
Proceeds will be used for working capital purposes.
Based in Vancouver, B.C., Destiny develops software and hardware used to distribute media over the internet.
| Issuer: | Destiny Media Technologies Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | $505,000
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| Units: | 2.02 million
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| Price: | $0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $0.30
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| Agent: | Non-brokered
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| Pricing date: | Oct. 16
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| Stock symbol: | OTCBB: DSNY
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| Stock price: | $0.25 at close Oct. 15
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| Market capitalization: | $13.4 million
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