By Sheri Kasprzak
New York, Sept. 20 - Novik Inc. said it has completed two private placements totaling C$1,137,500.
In the first closing of the deal, the company sold 1.8 million units at C$0.50 each for C$900,000 and in the second, the company sold 475,000 units at C$0.50 each.
The units include one class A share and one warrant. The warrants are exercisable at C$0.75 each for one year.
Desjardins Securities Inc. was the placement agent for the offering, which is ongoing.
The company hopes to raise up to C$3.7 million and at least C$2 million from the deal.
Also, Novik said Beauce Investments Inc. has completed its purchase of all of Novik's outstanding class A common shares. The two companies will now merge under the name Novik Inc.
Based in Sainte-Foy, Quebec, Novik makes polypropylene siding and materials.
| Issuer: | Novik Inc.
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| Issue: | Units of one class A common share and one warrant
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| Amount: | C$1,137,500
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| Units: | 2,275,000
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| Price: | C$0.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.75
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| Placement agent: | Desjardins Securities Inc.
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| Settlement date: | Sept. 20
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