Jacob, Macquarie Private Wealth sell the units on a best-efforts basis
By Devika Patel
Knoxville, Tenn., Sept. 26 - Magor Corp. said it has revised the terms of a C$2 million private placement of units. The company may increase the offering, which is expected to be fully subscribed and already has garnered over C$1 million of commitments. The deal priced on Sept. 12.
The company will now sell units of one common share and one half-share warrant at C$0.25 per unit, decreased from C$0.30 per unit of one share and one full warrant.
Each whole warrant will be exercisable at C$0.40 for three years. The strike price reflects an 11.11% premium to the Sept. 11 closing share price of C$0.36. The warrants originally were exercisable at C$0.60.
The deal will be conducted on a best-efforts basis by a syndicate of agents led by Jacob Securities Inc. and including Macquarie Private Wealth Inc.
Proceeds will be used to accelerate the growth opportunity associated with the company's Aerus cloud-based video collaboration services.
The Ottawa, Ont., company is developing a software-based visual collaboration solution that focuses on shifts in the legacy videoconferencing market, from hardware-centric to software-based solutions.
| Issuer: | Magor Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.40
|
| Agents: | Jacob Securities Inc. (lead), Macquarie Private Wealth Inc.
|
| Pricing date: | Sept. 12
|
| Revised: | Sept. 26
|
| Stock symbol: | TSX Venture: MCC
|
| Stock price: | C$0.36 at close Sept. 11
|
| Market capitalization: | C$12.84 million
|
© 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.
