By Sheri Kasprzak
New York, Aug. 9 - redCity Search Co. Inc. plans to raise at least C$8 million in a private placement.
The offering includes at least 160 million shares at C$0.05 each.
A syndicate of agents led by GMP Securities LP and including Orion Securities Inc. has a greenshoe for up to 15% of the offering size.
Proceeds will be used to pay for part of the expenses related to redCity's acquisition of Zip411 Enterprises Inc., to pay the cash portion of the company' acquisition of Offsite Corp. and to pay existing debt.
Toronto-based redCity operates local search engines that allow users to find businesses.
| Issuer: | redCity Search Co. Inc.
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| Issue: | Stock
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| Amount: | C$8 million (minimum)
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| Shares: | 160 million (minimum)
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| Greenshoe: | For up to 15% of the offering size
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| Price: | C$0.05
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| Warrants: | No
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| Placement agents: | GMP Securities LP (lead) and Orion Securities Inc.
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| Pricing date: | Aug. 9
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| Stock symbol: | TSX Venture: RDC
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| Stock price: | C$0.08 at close Aug. 9
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