Subscription receipts convert to equity units of one share and warrant
By Devika Patel
Knoxville, Tenn., Oct. 24 - Marchwell Ventures Ltd., formerly known as Sitebrand Inc., said it completed a C$1.01 million private placement of subscription receipts. The deal priced for between C$500,000 and C$1 million on Feb. 15.
The company sold 18 million subscription receipts at C$0.05625 apiece. The price per receipt is a 60.71% premium to C$0.035, the Oct. 21 closing share price.
Each subscription receipt converts into a unit of one common share and one warrant. Each warrant is exercisable at C$0.10 for two years. The strike price is identical to the Feb. 14 closing share price.
Following settlement, the company completed a consolidation of its outstanding common shares, on the basis of five old shares for one new share.
The former online marketing company is based in Ottawa, Ont.
| Issuer: | Marchwell Ventures Ltd.
|
| Issue: | Subscription receipts
|
| Amount: | C$1,012,500
|
| Receipts: | 18 million
|
| Price: | C$0.05625
|
| Warrants: | One warrant per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Feb. 15
|
| Settlement date: | Oct. 24
|
| Stock symbol: | TSX Venture: SIB
|
| Stock price: | C$0.04 at close Oct. 24
|
| Market capitalization: | C$882,100
|
© 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.
