By Laura Lutz
Des Moines, May 17 - Noveko International Inc. increased the maximum size of its private placement of units to C$23 million from C$20 million.
The company now plans to sell up to 9.2 million units of one class A share and one half-share warrant at C$2.50 per unit. Each whole warrant will be exercisable at C$3.35 for two years.
Expiry of the warrants may be accelerated to 30 days if the weighted average price of the company's shares is at least C$4.00 for 20 consecutive trading days.
Desjardins Securities Inc. will lead a syndicate of agents that also includes Blackmont Capital Inc.
Settlement is expected on May 28.
Proceeds will be used for marketing, product development and general corporate purposes.
Montreal-based Noveko designs and markets ultrasound scanners.
Issuer: | Noveko International Inc.
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Issue: | Units of one class A share and one half-share warrant
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Amount: | C$23 million
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Units: | 9.2 million
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Price: | C$2.50
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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$3.35
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Agents: | Desjardins Securities Inc. (lead), Blackmont Capital Inc.
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Pricing date: | May 14
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Upsized: | May 17
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Settlement date: | May 28
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Stock symbol: | TSX Venture: EKO
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Stock price: | C$2.66 at close May 14
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Stock price: | C$2.64 at close May 16
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