By Laura Lutz
Des Moines, Nov. 9 - Immersive Media Corp. completed a private placement of units for C$3.85 million.
The company sold 2.2 million units of one share and one half-share warrant at C$1.75 per unit. Each whole warrant is exercisable at C$2.50 for two years.
Proceeds will be used to complete the company's acquisition of Freestone Systems, Inc., the parent company of Light Speed Labs, LP and Light Speed Mobile, LLC, one of Immersive's current technology partners.
Following settlement of the offering, the company has 35,637,455 shares outstanding as well as 2,085,420 options and 3,096,213 warrants.
Immersive is a digital video imaging company based in Calgary, Alta.
| Issuer: | Immersive Media Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3.85 million
|
| Units: | 2.2 million
|
| Price: | C$1.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.50
|
| Settlement date: | Nov. 9
|
| Stock symbol: | TSX Venture: IMC
|
| Stock price: | C$1.90 at close Nov. 9
|
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