Funds to be used for sales and general and administrative expenditures
By Devika Patel
Knoxville, Tenn., May 8 - Medworxx Solutions Inc. said it will conduct a C$2.5 million private placement of units on a best-efforts basis through lead agent Paradigm Capital Inc. and MGI Securities Inc. There is a 15% greenshoe.
The company will sell 7,353,000 units of one common share and one half-share warrant at C$0.34 per unit. Each whole warrant will be exercisable at C$0.40 for four years. The strike price reflects a 2.56% premium to the May 7 closing share price of C$0.39.
Ewing Morris & Co. Investment Partners will invest C$1 million.
Settlement is expected May 22.
Proceeds will be used for sales and general and administrative expenditures to increase the company's sales across North America and the United Kingdom and for general working capital.
Medworxx is a Mississauga, Ont., health information technology company.
| Issuer: | Medworxx Solutions Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2,500,020
|
| Greenshoe: | 15%
|
| Units: | 7,353,000
|
| Price: | C$0.34
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.40
|
| Agents: | Paradigm Capital Inc. (lead), MGI Securities Inc.
|
| Investor: | Ewing Morris & Co. Investment Partners (for C$1 million)
|
| Pricing date: | May 8
|
| Settlement date: | May 22
|
| Stock symbol: | TSX Venture: MWX
|
| Stock price: | C$0.39 at close Sept. 21
|
| Market capitalization: | C$6.8 million
|
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