By Devika Patel
Knoxville, Tenn., Dec. 27 - Hemisphere GPS Inc. said it has settled a C$17.5 million private placement of special warrants. The deal priced Dec. 12 for up to C$18 million and was to have possibly included common shares.
The company sold 5,555,600 special warrants at C$3.15 apiece on a bought-deal basis.
Each warrant is convertible into one share at no additional cost on the earlier of the business day after a receipt has been issued by Canadian securities regulatory authorities for a final prospectus qualifying the distribution of the shares and 120 days following the closing date.
The offering was conducted by a syndicate of underwriters led by Canaccord Adams and which also included Wellington West Capital Markets Inc., Haywood Securities Inc., Paradigm Capital Inc., PI Financial Corp. and Research Capital Corp.
Proceeds will be used in part to pay down bank facilities used to fund a portion of the cash proceeds for Hemisphere's recent acquisition of the securities of Beeline Technologies Pty. Ltd. The balance of the proceeds will be used for general corporate purposes.
Calgary, Alta.-based Hemisphere GPS is a designer and manufacturer of advanced GPS products.
| Issuer: | Hemisphere GPS Inc.
|
| Issue: | Special warrants convertible into common shares
|
| Amount: | C$17,500,140
|
| Warrants: | 5,555,600
|
| Price: | C$3.15
|
| Underwriters: | Canaccord Adams (lead), Wellington West Capital Markets Inc., Haywood Securities Inc., Paradigm Capital Inc., PI Financial Corp., Research Capital Corp.
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 27
|
| Stock symbol: | Toronto: HEM
|
| Stock price: | C$3.34 at close Dec. 11
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
