By Sheri Kasprzak
New York, Feb. 21 - DevStudios International Inc. said it has increased to C$1.2 million its previously announced C$1 million private placement.
The offering now includes up to 3 million units at C$0.40 each.
The units comprise one share and one warrant. Each warrant is exercisable at C$0.50 for the first year and at C$0.75 for the second year.
The offering priced Feb. 10 as a C$1 million offering of up to 2.5 million units at the same price.
Proceeds will be used for expanded marketing, support staff and product development, including the creation of an office in the United States.
Based in Edmonton, Alta., DevStudios develops software used by small- and mid-sized businesses and organizations.
| Issuer: | DevStudios International Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.2 million (maximum)
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| Units: | 3 million (maximum)
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| Price: | C$0.40
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50 for the first year, C$0.75 for the second year
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| Placement agent: | Non-brokered
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| Pricing date: | Feb. 10
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| Upsized: | Feb. 21
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| Stock symbol: | TSX Venture: DVE
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| Stock price: | C$0.41 at close Feb. 10
|
| Stock price: | C$0.45 at close Feb. 21
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