DoveCorp Enterprises plans C$7.5 million unit offering

By Sheri Kasprzak

New York, Oct. 24 - DoveCorp Enterprises Inc. said it has arranged a private placement for up to C$7.5 million.

The offering, which is being placed through agents Research Capital Corp. and Dundee Securities Corp., has not yet been priced.

The units, however, will include one share and one half-share warrant. The whole warrants allow for the purchase of another share for two years.

The deal is expected to close Nov. 21.

Proceeds will be used for working capital, general corporate purposes and debt repayment.

Toronto-based DoveCorp is a dry cleaning and laundry services company.

The offering was announced late Friday and the company's stock closed unchanged at C$0.24.

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