By Sheri Kasprzak
Atlanta, Dec. 16 - InterRent International Properties Inc. said Thursday it has closed a private placement for C$8 million.
The company sold 16 million units at C$0.50 each.
The units in the offering are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$0.60 each for one year.
Canaccord Capital Corp. was the placement agent in the deal.
The closing fell short of the original C$12 million offering announced Oct. 27. The initial terms of the deal called for up to 24 million units under the same terms.
Based in Toronto, InterRent is a real estate company specializing in multi-residential property acquisition. The company plans to use the proceeds from the private placement to expand its multi-residential property acquisition program and for general corporate purposes.
| Issuer: | InterRent International Properties Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$8 million
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| Shares: | 16 million units
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.60
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| Placement agent: | Canaccord Capital Corp.
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| Announcement date: | Oct. 27
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| Settlement date: | Dec. 16
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| Stock price: | C$0.55 at close Oct. 27
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| Stock price: | C$0.45 at close Dec. 16
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