By Devika Patel
Knoxville, Tenn., June 16 - Northcore Technologies Inc. said it arranged a C$6 million equity line of credit with GEM Global Yield Fund Ltd.
The company may draw up to C$6 million. On drawdown, Northcore will issue common shares to GEM Global at a 10% discount to the average closing price of the shares over a 15 trading day period prior to drawdown.
Gem Global also will receive 6 million warrants, each of which is exercisable at C$0.27 for three years.
Proceeds will be used for the enhancement of existing and the development of new product lines.
Toronto-based Northcore Technologies is a provider of asset management technology services.
| Issuer: | Northcore Technologies Inc.
|
| Issue: | Equity line of credit
|
| Amount: | C$6 million
|
| Price: | 90% of average closing price over a 15 trading day period
|
| Warrants: | 6 million
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.27
|
| Investor: | GEM Global Yield Fund Ltd.
|
| Pricing date: | June 16
|
| Stock symbol: | Toronto: NTI
|
| Stock price: | C$0.225 at close June 15
|
| Market capitalization: | C$38.1 million
|
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