Deal sells 5,714,286 units to fund general working capital purposes
By Devika Patel
Knoxville, Tenn., Nov. 8 - Espial Group Inc. said it has negotiated a C$4 million private placement of units. Global Maxfin Capital Inc. is the agent.
The company will sell 5,714,286 units of one common share and one half-share warrant at C$0.70 per unit. Each whole one-year warrant is exercisable at C$0.72. The strike price reflects a 2.86% premium to the Nov. 7 closing share price of C$0.70.
Settlement is expected Nov. 15.
Proceeds will be used for general working capital purposes.
The developer and marketer of software solutions that enable the delivery of internet protocol television is based in Ottawa, Ont.
| Issuer: | Espial Group Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Units: | 5,714,286
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.72
|
| Agent: | Global Maxfin Capital Inc.
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 15
|
| Stock symbol: | Toronto: ESP
|
| Stock price: | C$0.70 at close Nov. 7
|
| Market capitalization: | C$9.84 million
|
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