By Susanna Moon
Chicago, July 20 - Fortsum Business Solutions Inc. said it closed its second tranche of C$3.5 million from a C$7 million private placement of units.
In the second and final tranche, the company issued 6,363,637 units at C$0.55 per unit. Each unit comprises one share and one half-share warrant, with each whole warrant exercisable at C$0.70 per for 12 months.
The company completed the first tranche of C$3.5 million on June 21 for 6,363,639 units.
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
|
| Units: | 12,727,276
|
| 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)
|
| Settlement date: | July 20 (for 6,363,637 units)
|
| Stock symbol: | TSX Venture: FRT
|
| Stock price: | C$0.69 at close May 2
|
| Stock price: | C$0.51 at close June 21
|
| Stock price: | C$0.52 at close July 19
|
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