By Laura Lutz
Des Moines, April 20 - DoveCorp Enterprises Inc. raised C$716,000 from the third tranche of its C$2 million private placement of units, bringing the total proceeds so far to C$1.341 million.
In total, the offering is expected to include up to 12.5 million units at C$0.16 each.
The most recent tranche included 4.475 million units.
The company sold 2,031,250 units on March 21 and 1,875,000 units on April 2.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$0.20 for two years.
Expiry of the warrants may be accelerated to 30 days if the average weighted trading price of the company's stock is higher than C$0.40 for 20 consecutive trading days.
Weslosky & Cowans Ltd. is the placement agent.
Proceeds will be used for working capital.
Toronto-based DoveCorp is a dry cleaning and laundry company.
| Issuer: | DoveCorp Enterprises Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 12.5 million
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Placement agent: | Weslosky & Cowans Ltd.
|
| Pricing date: | March 2
|
| Settlement date: | March 21 (for C$325,000); April 2 (for C$300,000); April 20 (for C$716,000)
|
| Stock symbol: | TSX Venture: DOV
|
| Stock price: | C$0.14 at close March 2
|
| Stock price: | C$0.165 at close March 20
|
| Stock price: | C$0.18 at close April 2
|
| Stock price: | C$0.16 at close April 20
|
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