By Devika Patel
Knoxville, Tenn., July 13 - Leisure Canada Inc. announced a C$5 million private placement.
The company will sell 25 million units at C$0.20 per units. Each unit consists of one common share and a half-share warrant, with each whole warrant exercisable at C$0.25 until Dec. 31, 2010.
The deal will be conducted by a syndicate of underwriters led by Dundee Securities Corp. and Paradigm Capital Inc., and including Northern Securities Inc. There is a C$15 million greenshoe.
Settlement is expected on July 30.
Proceeds will be used to advance the company's existing real estate development opportunities in Cuba and for general corporate purposes.
Based in Vancouver, B.C., Leisure Canada owns hotels and other real estate in Cuba.
| Issuer: | Leisure Canada Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$5 million
|
| Greenshoe: | C$15 million
|
| Units: | 25 million
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 31, 2010
|
| Warrant strike price: | C$0.25
|
| Agent: | Dundee Securities Corp. and Paradigm Capital Inc (leads), and Northern Securities Inc.
|
| Pricing date: | July 13
|
| Settlement date: | July 30
|
| Stock symbol: | TSX Venture: LCN
|
| Stock price: | C$0.20 at close July 10
|
| Market capitalization: | C$12.1 million
|
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