Brokered best-efforts units offering has a C$1.5 million greenshoe
By Devika Patel
Knoxville, Tenn., Nov. 19 - Nuvolt Corp. said it completed the second tranche of a C$3 million private placement of units. The deal priced with a C$1.5 million greenshoe on June 15, and the company raised C$270,000 in the initial tranche on Aug. 30. It raised C$225,500 in this tranche.
The company is selling 30 million units at C$0.10 apiece on a best-efforts basis. It sold 2.7 million units in the first tranche and 2,255,000 units in the second. Each unit consists of one common share and a half-share warrant.
Each whole warrant is exercisable at C$0.20 for three years. The strike price represents a 100% premium to the June 14 closing share price of C$0.10.
Capital MLB Inc. will invest C$500,000.
Northern Securities Inc. is the agent.
Proceeds will be used to launch the commercialization of Smartscan and for working capital.
Based in Levis, Quebec, Nuvolt designs and markets equipment-monitoring systems and electrical network management for the industrial, commercial and agricultural sectors.
| Issuer: | Nuvolt Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Greenshoe: | C$1.5 million
|
| Units: | 30 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.20
|
| Agent: | Northern Securities Inc.
|
| Investor: | Capital MLB Inc. (for C$500,000)
|
| Pricing date: | June 15
|
| Settlement dates: | Aug. 30 (for C$270,000), Nov. 19 (for C$225,500)
|
| Stock symbol: | TSX Venture: NCO
|
| Stock price: | C$0.10 at close June 14
|
| Market capitalization: | C$6.52 million
|
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