By Sheri Kasprzak
Atlanta, Nov. 24 - MDU Communications International Inc. said Wednesday it wrapped up a private placement for $16.25 million.
The deal consists of 6,063,400 units at $2.68 each. The units are comprised of one share and three-tenths of one warrant.
The whole warrants allow for an additional share at $3.40 each.
CRT Capital Group LLC was placement agent in the deal, which was originally announced Nov. 16 as a $15 million deal.
MDU is a Totowa, N.J.-based digital satellite provider for multi-dwelling units. The company plans to use the proceeds from the financing for general corporate purposes, including supporting growth.
Issuer: MDU Communications International Inc.
| Issue: | Units of one share and three-fourths share warrant
|
| Amount: | $16.25 million
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| Shares: | 6,063,400 units
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| Price: | $2.68
|
| Warrants: | One three-fourths share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $3.40
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| Placement agent: | CRT Capital Group LLC
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| Announcement date: | Nov. 16
|
| Settlement date: | Nov. 24
|
| Stock price: | $2.84 at close Nov. 16
|
| Stock price: | $2.89 at close Nov. 24
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