Company sells units of a common share and three-quarters of a warrant
By Devika Patel
Knoxville, Tenn., April 11 - Freeport Capital Inc. said it raised C$4.02 million in the second and third tranches of its C$4.87 million private placement of units on March 28 and April 5, which completed the sale. The deal priced for C$2.7 million March 5 and raised C$851,503 on March 15; the offering was increased to C$4.3 million on March 27.
The company sold a total of 5,410,050 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 and 4,463,936 units in the second and third tranches.
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 senc was 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.
|
| Issue: | Units of one common share and three-quarters of a warrant
|
| Amount: | C$4,869,045
|
| Units: | 5,410,050
|
| Price: | C$0.90
|
| Warrants: | Three-quarters of a warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.25
|
| Pricing date: | March 5
|
| Upsized: | March 27
|
| Settlement date: | March 15 (for C$851,503), March 28 and April 5 (for C$4,017,542)
|
| Stock symbol: | CNSX: FAS
|
| Stock price: | C$0.85 at close March 4
|
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