Proceeds used to fund commercialization of SMARTSCAN, debt repayment
By Devika Patel
Knoxville, Tenn., June 10 - Nuvolt Corp. said it plans a C$3.5 million private placement of units.
The company will sell 58,333,333 units of one common share and a half-share warrant at C$0.06 per unit on a best-efforts basis. Each whole warrant is exercisable at C$0.12 for three years. The strike price is a 100% premium to the June 9 closing share price of C$0.06.
Desjardins Securities Inc., Fin-XO Securities Inc. and CCFL Capital senc are the agents.
Proceeds will be used for the commercialization of SMARTSCAN, to repay debt 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$3.5 million
|
| Units: | 58,333,333
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.12
|
| Agent: | Desjardins Securities Inc., Fin-XO Securities Inc. and CCFL Capital senc
|
| Pricing date: | June 10
|
| Stock symbol: | TSX Venture: NCO
|
| Stock price: | C$0.06 at close June 9
|
| Market capitalization: | C$6 million
|
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