By Sheri Kasprzak
Atlanta, Nov. 8 - Noveko Echographics Inc., a Montreal-based portable ultrasound scanner manufacturer, said Monday it has received C$3.3 million in a private placement.
The offering consists of 3.3 million units of one class A share and one half-share warrant at C$1 per unit.
The entire warrants allow for the purchase of one class A share at C$1.25 for two years.
The private placement was conducted as part of Noveko's acquisition of Sasecm, a French limited-liability company with operations in animal breeding and veterinary medicine. Noveko's ultrasounds are primarily used in veterinary medicine.
Noveko paid €2 million for all of Sasecm's shares and issued Sasecm's shareholders 2.5 million class A shares.
Gestion Andre Leroux Inc., controlled by Andre Leroux, who holds 11,635,000 Noveko class A shares, bought 1.65 million units. The other half of the units was subscribed for by Sipar-Societe d'Investissements en Participations Inc.
The proceeds from the deal will pay the cash portion of the acquisition price of Sasecm and to further the development of both Noveko and Sasecm.
| Issuer: | Noveko Echographics Inc.
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| Issue: | Units of one class A share and one half-share warrant
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| Amount: | C$3.3 million
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| Shares: | 3.3 million units
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| Price: | C$1 per unit
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.25
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| Investors: | Gestion Andre Leroux Inc. and Sipar-Societe d'Investissements en Participations Inc.
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| Announcement date: | Nov. 8
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| Stock price: | C$1 at close Nov. 8
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