Proceeds slated to support commercialization and production activities
By Devika Patel
Knoxville, Tenn., April 29 - Noveko International Inc. said it raised C$595,104 in the first tranche of a C$4 million private placement of units. The deal priced April 8.
The company is selling units at C$0.70 apiece. It sold 850,148 units in this tranche.
The units each consist of one class A share and a half-share warrant, with each whole two-year warrant exercisable at C$1.00 in the first year and at C$2.00 in the second. The strike prices are 44.93% and 189.86% premiums to the April 7 closing share price of C$0.365.
Proceeds will be used to support the group's increasing commercialization and production activities, especially in the air filtration segment which is undergoing strong growth, as well as in ultrasound scanners for use in human and veterinary medicine, where demand is also strong.
Montreal-based Noveko designs and markets ultrasound scanners.
| Issuer: | Noveko International Inc.
|
| Issue: | Units of one class A share and a half-share warrant
|
| Amount: | C$4 million
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 in the first year, C$2.00 in the second
|
| Pricing date: | April 8
|
| Settlement date: | April 29 (for C$595,104)
|
| Stock symbol: | Toronto: ECO
|
| Stock price: | C$0.69 at close April 7
|
| Market capitalization: | C$63.77 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
