By Devika Patel
Knoxville, Tenn., May 16 - Luxell Technologies Inc. said it settled a C$6.19 million non-brokered private placement of units. The deal was announced on March 5 and priced for C$6 million on March 31.
Luxell sold 61,911,000 units of one share and one half-share warrant at C$0.10 per unit. The company had planned to sell 60 million units.
Each whole warrant will be exercisable at C$0.25 for two years. The warrants may expire sooner if Luxell's shares close at C$0.35 or higher for 10 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for working capital, for sales growth, to retire debt and for general corporate purposes.
Luxell is a flat-panel display technology company based in Toronto.
| Issuer: | Luxell Technologies Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6,191,100
|
| Units: | 61,911,000
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Announcement date: | March 5
|
| Pricing date: | March 31
|
| Settlement date: | May 15
|
| Stock symbol: | Toronto: LUX
|
| Stock price: | C$0.115 at close March 28
|
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