By Laura Lutz
Des Moines, April 17 - Flagship Industries Inc. plans to conduct a private placement of units for C$2 million.
The company is also conducting a five-to-one share split.
The non-brokered placement will include 40 million post-split units of one share and one warrant at C$0.05 per unit.
Each warrant will be exercisable for two years at C$0.10 per post-split share or C$0.50 per pre-split share.
The company said in a news release that it would use proceeds to further strategic alternatives.
Flagship is a financial company based in Markham, Ont.
| Issuer: | Flagship Industries Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2 million
|
| Units: | 40 million (post-split)
|
| Price: | C$0.05 (post-split)
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10 (post-split)
|
| Agent: | Non-brokered
|
| Pricing date: | April 17
|
| Stock symbol: | TSX Venture: FII
|
| Stock price: | C$0.335 at close April 17
|
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