By Laura Lutz
Des Moines, May 15 - Raymor Industries Inc. completed a private placement of units for C$2.4 million.
The company sold 2 million units of one share, one quarter-share series A warrant and one quarter-share series B warrant at C$1.20 per unit.
Each whole series A warrant will be exercisable at C$1.55 for one year. Each whole series B warrant will be exercisable at C$1.75 between 12 months and 18 months after closing.
In a news release, Raymor described the investor as a "premier U.S. financial institution."
Proceeds will be used to augment the company's single-walled carbon nanotube production capacity and to acquire additional equipment for its metallic powders and coatings division as well as for working capital.
Raymor is a Boisbriand, Quebec-based developer of nanomaterial production technologies.
| Issuer: | Raymor Industries Inc.
|
| Issue: | Units of one share, one quarter-share series A warrant and one quarter-share series B warrant
|
| Amount: | C$2.4 million
|
| Units: | 2 million
|
| Price: | C$1.20
|
| Warrants: | One quarter-share series A warrant, one quarter-share series B warrant
|
| Warrant expiration: | One year for series A; series B becomes exercisable after between one year and 18 months after closing
|
| Warrant strike price: | C$1.55 for series A; C$1.75 for series B
|
| Settlement date: | May 15
|
| Stock symbol: | TSX Venture: RAR
|
| Stock price: | C$1.08 at close May 14
|
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