Company sells 3,226,000 units of one share and one half-share warrant
By Devika Patel
Knoxville, Tenn., Feb. 12 - EXO U Inc. said it negotiated a C$5 million private placement of units. The deal has a C$2 million greenshoe and is being conducted by a syndicate of underwriters led by Mackie Research Capital Corp.
The company will sell 3,226,000 units of one common share and one half-share warrant at C$1.55 per unit on a bought-deal basis.
Each whole two-year warrant will be exercisable at C$1.95. The strike price reflects an 11.43% premium to the Feb. 11 closing share price of C$1.75.
Settlement is expected March 6.
Proceeds will be used for general corporate and working capital purposes.
The enterprise software company is based in Montreal.
Issuer: | EXO U Inc.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$5,000,300
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Greenshoe: | C$2,001,050
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Units: | 3,226,000
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Price: | C$1.55
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$1.95
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Agent: | Mackie Research Capital Corp. (lead)
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Pricing date: | Feb. 12
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Settlement date: | March 6
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Stock symbol: | TSX Venture: EXO
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Stock price: | C$1.75 at close Feb. 11
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Market capitalization: | C$59.01 million
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