By Devika Patel
Knoxville, Tenn., Aug. 28 - Lingo Media Inc. announced it hopes to raise up to C$1 million in a private placement of subscription receipts.
The company plans to sell up to 500,000 subscription receipts at C$2.00 each.
Each subscription receipt is exchangeable for one common share and one warrant. Each warrant is exercisable at C$6.00 for one year.
The securities are subject to a four-month holding period.
Lingo Media will pay a finder's fee of up to 7.5%.
Closing is expected by Sept. 24.
Lingo Media, based in Toronto, develops, publishes, distributes and licenses products for English language learning, targeted primarily to the educational school and retail bookstore markets in China and Canada.
| Issuer: | Lingo Media Inc.
|
| Issue: | Subscription receipts exchangeable for one common share and one warrant
|
| Amount: | C$1 million
|
| Subscription receipts: | 500,000
|
| Price: | C$2.00
|
| Warrants: | One warrant per receipt
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$6.00
|
| Pricing date: | Aug. 28
|
| Stock symbol: | TSX Venture: LMD
|
| Stock price: | C$0.185 at close Aug. 28
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
