Company sells units of a common share and three-quarters of a warrant
By Devika Patel
Knoxville, Tenn., March 27 - Freeport Capital Inc. said it increased its private placement of units to C$4.3 million from C$2.7 million and is in the process of completing the second tranche, which is expected to settle April 8. The deal priced March 5 and raised C$851,503 on March 15.
The company is selling units of one common share and three-quarters of a warrant at C$0.90 per unit. It sold 946,114 units in the initial tranche.
Each whole warrant is exercisable at C$1.25 for 18 months. The strike price reflects a 47.06% premium to the March 4 closing share price of C$0.85.
Capital CCFL will be paid a finder's fee.
Proceeds will be used to fund the expansion of the business in the Asia Pacific regions and Latin America as well as for working capital purposes.
Based in Montreal, Freeport Capital provides internet-based point-of-sale technology solutions for businesses and consumers.
Issuer: | Freeport Capital Inc.
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Issue: | Units of one common share and three-quarters of a warrant
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Amount: | C$2.7 million
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Price: | C$0.90
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Warrants: | Three-quarters of a warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$1.25
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Pricing date: | March 5
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Upsized: | March 27
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Settlement dates: | March 15 (for C$851,503), April 8
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Stock symbol: | CNSX: FAS
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Stock price: | C$0.85 at close March 4
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