By Laura Lutz
Des Moines, Aug. 23 - Nexient Learning Inc. shareholders will meet on Thursday to approve an upsized private placement of units for at least C$2 million and up to C$3 million.
The company will sell each unit of one share and one half-share warrant for C$0.28. Each warrant will be exercisable at C$0.35 for five years.
Up to C$560,000 of the units may be placed with the company's existing executive officers and directors.
When the company originally announced the deal on July 27, it planned a C$2.5 million maximum size.
After completing the placement, Nexient plans to purchase up to C$2.5 million of 9% subordinated secured debentures to be issued by the company's subsidiary Nexient Learning Canada Inc. and 2,678,571 warrants of the company.
The debentures will mature on November 8, 2007. The warrants accompanying the debentures will have an exercise price of C$0.28 and a term of five years.
The proceeds will be used to retire the company's C$3,450,000 of 9% class A unsecured convertible subordinated debentures and for working capital purposes.
The company has also agreed to pay an aggregate C$500,000 consent fee to holders of its outstanding series A, B, C and D debentures for their consent to the debt portion of the placement and the amendment of those outstanding debentures.
Nexient is a Toronto-based corporate training and consulting company.
| Issuer: | Nexient Learning Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million (maximum)
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| Price: | C$0.28
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| Warrants: | One half per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.35
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| Pricing date: | July 27
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| Upsized: | Aug. 23
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| Stock symbol: | TSX Venture: NXN
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| Stock price: | C$0.32 at close on Aug. 23
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