By Devika Patel
Knoxville, Tenn., March 17 - International Barrier Technology Inc. raised C$1.5 million in a private placement of units on March 15, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced for between C$1 million and C$1.5 million on Jan. 27.
The company sold 15 million units of a common share and one warrant at C$0.10 per unit.
Each warrant will be exercisable at C$0.15 for two years.
Proceeds will be used for research and development expenditures, for working capital and to bring the company's bank credit lines closer to their historical levels.
International Barrier, based in Watkins, Man., develops, manufactures and markets fire-resistant building materials.
| Issuer: | International Barrier Technology Inc.
|
| Issue: | Units of a common share and a warrant
|
| Amount: | C$1.5 million
|
| Units: | 15 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.15
|
| Pricing date: | Jan. 27
|
| Settlement date: | March 15
|
| Stock symbol: | TSX Venture: IBH
|
| Stock price: | C$0.135 at close Jan. 26
|
| Market capitalization: | C$4.71 million
|
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