By Devika Patel
Knoxville, Tenn., Dec. 11 - iseemedia Inc. said it completed a C$2.72 million private placement of units. The deal priced for C$2.5 million with a C$500,000 greenshoe on Nov. 16.
The company sold 16,997,500 units of one common share and one half-share warrant at C$0.16 per unit. Of the units, 1,372,500 were part of the partially exercised greenshoe.
Each whole warrant will be exercisable at C$0.32 for two years. Expiry of the warrant may be accelerated to 30 days if the closing price of the company's shares is higher than C$0.45 for 15 consecutive trading days.
Northern Securities Inc. was the agent.
Proceeds will be used for sales and marketing, research and development, product and market expansion and general corporate and working capital purposes.
iseemedia is a software developer based in Toronto.
| Issuer: | iseemedia Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2,719,600 (including C$219,600 greenshoe)
|
| Units: | 16,997,500
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.4532
|
| Agent: | Northern Securities Inc.
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 11
|
| Stock symbol: | TSX Venture: IEE
|
| Stock price: | C$0.18 at close Nov. 13
|
| Market capitalization: | C$8.7 million
|
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