By Sheri Kasprzak
Atlanta, Nov. 23 - Raydan Manufacturing Inc. said Wednesday it has raised C$2 million through a non-brokered private placement.
The company will sell 2,150,538 shares at C$0.93 each.
The offering, which was purchased by Sprott Asset Management Inc., is expected to close in the next few days.
Based in Edmonton, Alta., Raydan develops and produces specialized suspensions and coupling systems for trucks, trailers and heavy equipment. The company plans to use the proceeds from the financing to expand its manufacturing plant in Nisku, to conclude product evaluation to comply with Transport Canada regulations, and to evaluate establishing a manufacturing plant in Ontario. The remainder of the funds will be used for working capital.
| Issuer: | Raydan Manufacturing Inc.
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| Issue: | Stock
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| Amount: | C$2 million
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| Shares: | 2,150,538
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| Price: | C$0.93
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| Warrants: | No
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| Investors: | Sprott Asset Management Inc.
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| Announcement date: | Nov. 23
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| Stock price: | C$1.40 at close Nov. 23
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