Company sells 20 million units of one share and one one-year warrant
By Devika Patel
Knoxville, Tenn., Oct. 23 – EXO U Inc. said it raised C$2.45 million in the first tranche of a C$4 million private placement of units. The deal is being conducted by Mackie Research Capital Corp. and priced on Oct. 5.
The company is selling 20 million units of one common share and one warrant at C$0.20 per unit. It sold 12,223,750 units in the initial tranche.
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. 23 (for C$2,444,750)
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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$10.67 million
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