By Sheri Kasprzak
New York, March 1 - Immersive Media Corp. has upsized to C$8.5 million its previously announced C$7.5 million private placement.
The offering now includes up to 3.4 million units at C$2.50 each.
The units are comprised of one share and one half-share warrant. The full warrants are exercisable at C$3.00 each for two years.
Sprott Securities Inc., the underwriter, has a greenshoe for up to 1 million units.
The deal priced on Feb. 13 and is expected to close March 8.
Proceeds will be used for working capital.
Immersive Media is a digital video imaging company based in Toronto.
| Issuer: | Immersive Media Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$8.5 million
|
| Units: | 3.4 million
|
| Greenshoe: | For up to 1 million units
|
| Price: | C$2.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.00
|
| Underwriter: | Sprott Securities Inc.
|
| Pricing date: | Feb. 13
|
| Upsized: | March 1
|
| Settlement date: | March 8
|
| Stock symbol: | TSX Venture: IMC
|
| Stock price: | C$2.61 at close Feb. 12
|
| Stock price: | C$3.00 at close Feb. 28
|
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