By Sheri Kasprzak
New York, May 1 - Nstein Technologies Inc. said it has negotiated a C$9,996,000 private placement with J.L. Albright Venture Partners and Solidarity Fund QFL.
The investors agreed to buy 117.6 million shares at C$0.085 each, a 5% discount to the company's C$0.09 closing stock price on April 28.
Solidarity, which is an insider of the company, will subscribe for half of the offering and J.L. Albright the other half.
The deal is scheduled to close within the next 45 days.
Desjardins Securities Inc. is the lead placement agent for the offering.
A portion of the proceeds will be used to develop a new platform that will offer Nstein's technology via an internet subscription model. In particular, the platform will allow financial analysts the ability to receive early warnings they can use to monitor certain companies and make analyses.
In other news, Nstein said it intends to consolidate its stock on a 10-for-1 basis. The consolidation will be discussed at the company's next shareholders meeting on May 23.
Montreal-based Nstein develops software used to analyze unstructured data in a variety of languages.
| Issuer: | Nstein Technologies Inc.
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| Issue: | Stock
|
| Amount: | C$9,996,000
|
| Shares: | 117.6 million
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| Price: | C$0.085
|
| Warrants: | No
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| Investors: | J.L. Albright Venture Partners and Solidarity Fund QFL
|
| Placement agent: | Desjardins Securities Inc. (lead)
|
| Announcement date: | May 1
|
| Stock symbol: | TSX Venture: EIN
|
| Stock price: | C$0.09 at close April 28
|
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