Agent syndicate led by Cormark Securities helps fund working capital
By Devika Patel
Knoxville, Tenn., April 10 - ePals Corp. said it will raise between C$8 million and C$10 million in a private placement of stock. The deal will be conducted by a syndicate of agents led by Cormark Securities Inc. and including National Bank Financial Inc. and Canaccord Genuity Corp.
The company will sell common shares at C$0.41 per share on a best-efforts basis. The price per share is an 18% discount to the C$0.50 closing price on April 9.
Settlement of the first tranche is expected April 19.
Proceeds will be used for working capital and general corporate purposes.
The education media company is based in Washington, D.C.
| Issuer: | ePals Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$8 million (minimum), C$10 million (maximum)
|
| Price: | C$0.41
|
| Warrants: | No
|
| Agents: | Cormark Securities Inc. (lead), National Bank Financial Inc. and Canaccord Genuity Corp.
|
| Pricing date: | April 10
|
| Settlement date: | April 19
|
| Stock symbol: | TSX Venture: SLN
|
| Stock price: | C$0.50 at close April 9
|
| Market capitalization: | C$33.75 million
|
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