Deal sells 60 million units of one share and one third-share warrant
By Toni Weeks
San Luis Obispo, Calif., April 15 - ePals Corp. said it raised C$829,350 in the second tranche of its C$4.5 million non-brokered private placement of units. It also extended the offering to May 8, according to a press release.
The company will sell 60 million units of one common share and one third-share warrant at C$0.075 per unit. It sold 7,372,000 units to ZG Ventures, LLC in the first tranche for proceeds of C$552,900 and 11,058,000 units in the second tranche.
Each whole warrant is exercisable at C$0.075 until Aug. 31. The strike price is a 50% premium to the March 4 closing share price of C$0.05.
The company previously announced that it issued 11,058,000 shares at a deemed price of C$0.075 per share to ZG to settle $750,000, or C$829,350, of owed debt.
In addition, ePals announced it extended the warrant expiration date of some warrants from previous offerings to June 30 from April 30. The warrants were issued on various dates in the fourth quarter of 2013.
Proceeds of the current offering 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$4.5 million
|
| Units: | 60 million
|
| Price: | C$0.075
|
| Warrants: | One third-share warrant per unit
|
| Warrant expiration: | Aug. 31, 2014
|
| Warrant strike price: | C$0.075
|
| Agents: | Non-brokered
|
| Investor: | ZG Ventures, LLC (for C$552,900)
|
| Settlement dates: | March 5 (for C$552,900), April 15 (for C$829,350), May 8
|
| Stock symbol: | TSX Venture: SLN
|
| Stock price: | C$0.05 at close March 4
|
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