By Angela McDaniels
Tacoma, Wash., Sept. 4 - ESI Environmental Sensors Inc. said a syndicate led by M Partners Inc. will complete the company's previously announced C$5.4 million private placement of units.
When plans for the placement were announced in June, ESI said it would be non-brokered.
The company will sell 12 million units of one common share and one half-share warrant at C$0.45 per unit. Each whole warrant will be exercisable at C$0.50 for two years.
The agents will receive a cash commission.
Proceeds will be used for research and development, value engineering, marketing and general working capital purposes.
ESI is a Victoria, B.C.-based manufacturer of industrial and environmental technology.
| Issuer: | ESI Environmental Sensors Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$5.4 million
|
| Units: | 12 million
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.50
|
| Agent: | M Partners Inc. (lead)
|
| Pricing date: | June 9
|
| Stock symbol: | TSX Venture: ESV
|
| Stock price: | C$0.35 at close June 6
|
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