By Devika Patel
Knoxville, Tenn., April 29 - Innovative Composites International Inc. said it plans a private placement of units to raise about C$2 million.
The company will sell the units at C$0.30 apiece on a best-efforts basis. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$0.45 for two years.
Canaccord Financial Ltd. is the agent. Settlement is expected on May 25.
Proceeds will be used to fund capital equipment for the ramp up of previously announced sales of composite containers manufactured using Structure Lite panels, for working capital and general corporate purposes.
Based in Toronto, Innovative Composites makes and sells lightweight structural products using fiber reinforced thermoplastics for use in the marine, construction, automotive, military, recreational vehicles, equine and furniture industries.
| Issuer: | Innovative Composites International Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million (approximate)
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.45
|
| Agent: | Canaccord Financial Ltd.
|
| Pricing date: | April 29
|
| Settlement date: | May 25
|
| Stock symbol: | TSX Venture: IC
|
| Stock price: | C$0.38 at close April 28
|
| Market capitalization: | C$13.3 million
|
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