Company to offer 6 million shares at C$1.00; deal to close Sept. 30
By Marisa Wong
Madison, Wis., Sept. 3 – Noble Iron Inc. said it plans to pursue a non-brokered private placement of common stock. The company will offer up to 6 million common shares at C$1.00 per share for proceeds of up to C$6 million, according to a press release.
The price per share is a 25% premium over the Aug. 21 closing share price of C$0.80.
Noble Iron intends to use proceeds for growth activities at its Southern California and Houston operations, technology development initiatives and general working capital purposes.
The private placement is expected to close on Sept. 30.
Insiders of the company are expected to subscribe for at least 25% of the placement.
Noble Iron operates in equipment rental, equipment sales and enterprise asset management software for the construction and industrial equipment industry. The company is based in Houston, and its software division, Texada Software Inc., is based in Guelph, Ont.
| Issuer: | Noble Iron Inc.
|
| Issue: | Common stock
|
| Amount: | Up to C$6 million
|
| Units: | Up to 6 million
|
| Price: | C$1.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Announcement date: | Sept. 3
|
| Settlement date: | Sept. 30
|
| Stock symbol: | TSX Venture: NIR
|
| Stock price: | C$0.80 at close Aug. 21
|
| Market capitalization: | C$17.13 million
|
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