Deal sells 166,666,666 units of one share and one third-share warrant
By Devika Patel
Knoxville, Tenn., Oct. 18 - ePals Corp. said it increased its non-brokered private placement of units to C$12.5 million from C$10 million. The deal priced Oct. 2.
The company will now sell 166,666,666 units of one common share and one third-share warrant at C$0.075 per unit. It originally planned to sell 100 million units of one common share and one half-share warrant at C$0.10 per unit.
Each whole warrant is exercisable at C$0.075 until April 30, 2014. The strike price is a 7.14% premium to the Oct. 1 closing share price of C$0.07. The warrants originally were exercisable at C$0.10.
Investors include GSV Capital Corp. and Miles Gilburne.
Settlement of the first tranche is expected Oct. 21.
Proceeds will be used for general corporate purposes and working capital.
The education media company is based in Washington, D.C.
| Issuer: | ePals Corp.
|
| Issue: | Units of one common share and one third-share warrant
|
| Amount: | C$12.5 million
|
| Units: | 166,666,666
|
| Price: | C$0.075
|
| Warrants: | One third-share warrant per unit
|
| Warrant expiration: | April 30, 2014
|
| Warrant strike price: | C$0.075
|
| Agents: | Non-brokered
|
| Investors: | GSV Capital Corp. and Miles Gilburne
|
| Pricing date: | Oct. 2
|
| Upsized: | Oct. 18
|
| Settlement date: | Oct. 21
|
| Stock symbol: | TSX Venture: SLN
|
| Stock price: | C$0.07 at close Oct. 1
|
| Market capitalization: | C$7.84 million
|
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