Oversubscribed offering will finance general working capital purposes
By Devika Patel
Knoxville, Tenn., Aug. 27 - Loyalist Group Ltd. said it settled a "significantly oversubscribed" C$5 million non-brokered private placement of stock. The deal priced for C$4 million on Aug. 17.
The company sold 25 million common shares at C$0.20 apiece, a 25.93% discount to the Aug. 16 closing share price of C$0.27.
Proceeds will be used for general working capital purposes and potential acquisitions.
Based in Toronto, Loyalist Group operates English as a Second Language schools in Toronto and Vancouver, B.C.
| Issuer: | Loyalist Group Ltd.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 25 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 27
|
| Stock symbol: | TSX Venture: LOY
|
| Stock price: | C$0.27 at close Aug. 16
|
| Market capitalization: | C$30.75 million
|
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