Company sells 20 million units of one share and one one-year warrant
By Devika Patel
Knoxville, Tenn., Oct. 5 – EXO U Inc. said it negotiated a C$4 million private placement of units. The deal will be conducted by Mackie Research Capital Corp.
The company will sell 20 million units of one common share and one warrant at C$0.20 per unit.
Each one-year warrant will be exercisable at C$0.35. The strike price reflects a 12.5% discount to the Oct. 2 closing share price of C$0.40.
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 warrant
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| Amount: | C$4 million
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| Greenshoe: | C$2,001,050
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| Units: | 20 million
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| Price: | C$0.20
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.35
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| Agent: | Mackie Research Capital Corp.
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| Pricing date: | Oct. 5
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| Settlement date: | Oct. 14
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| Stock symbol: | TSX Venture: EXO
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| Stock price: | C$0.40 at close Oct. 2
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| Market capitalization: | C$14.22 million
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