By Laura Lutz
Des Moines, June 21 - Fortsum Business Solutions Inc. raised C$3.5 million from the first tranche of a C$7 million private placement of units.
The placement consists of units of one share and one half-share warrant at C$0.55 per unit. Each whole warrant will be exercisable at C$0.70 for one year.
The first tranche included 6,363,639 units.
The second tranche is expected to close soon.
Northern Securities Inc. is the agent.
Proceeds will be used for future business acquisitions.
Quebec City-based Fortsum develops data management software.
| Issuer: | Fortsum Business Solutions Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7 million
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
| Agent: | Northern Securities Inc.
|
| Pricing date: | May 2
|
| Settlement date: | June 21 (for 6,363,639 units)
|
| Stock symbol: | TSX Venture: FRT
|
| Stock price: | C$0.69 at close May 2
|
| Stock price: | C$0.51 at close June 21
|
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