By Sheri Kasprzak
Atlanta, March 14 - MagIndustries Corp. said it plans to raise up to $4.25 million in a private placement.
The offering includes up to 5 million units at $0.85 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at $1.50 each for two years.
The deal is scheduled to close March 25.
Based in Halifax, N.S., MagIndustries provides magnesium alloys for the automotive industry. The proceeds from the offering will be used for feasibility studies in the company's three major business sectors - potash, magnesium and energy. The remainder will be used for corporate purposes.
| Issuer: | MagIndustries Corp.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $4.25 million (maximum)
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| Units: | 5 million (maximum)
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| Price: | $0.85
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | $1.50
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| Pricing date: | March 14
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| Settlement date: | March 25
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| Stock price: | $0.71 at close March 11
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