Non-brokered deal sells 71.8 million common shares at C$0.30 apiece
By Devika Patel
Knoxville, Tenn., May 31 - Difference Capital Funding Inc. said it completed an initial tranche of a non-brokered private placement of stock, raising C$21.54 million.
The company sold 71.8 million common shares at C$0.30 apiece, a 500% premium to the May 30 closing share price of C$0.05.
The company expects to settle a second tranche on June 7.
"The funding is a crucial element in our progress towards establishing an innovative merchant bank specializing in investments in the technology sector," chairman Wes Hall said in a press release. "We look forward to closing on a second tranche of funding and making further announcements as we move forward in the coming weeks."
Difference Capital, formerly TriNorth Capital Inc., is a Toronto-based merchant bank.
| Issuer: | Difference Capital Funding Inc.
|
| Issue: | Common shares
|
| Amount: | C$21.54 million
|
| Shares: | 71.8 million
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement dates: | May 31 (for C$21.54 million), June 7
|
| Stock symbol: | TSX Venture: TRT, changing to DCF effective June 1
|
| Stock price: | C$0.05 at close May 30
|
| Market capitalization: | C$6.04 million
|
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