By Sheri Kasprzak
New York, Aug. 18 - redCity Search Co. Inc. settled its previously announced private placement with the fully exercised greenshoe for C$9.2 million.
The company sold 184 million shares at C$0.05 each, including the over-allotment option for 24 million shares exercised by a syndicate of agents led by GMP Securities LP.
The syndicate also included Orion Securities Inc.
The deal priced Aug. 9 as an C$8 million offering of at least 160 million shares. The agents had been granted 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$9.2 million
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| Shares: | 184 million (includes greenshoe for 24 million shares)
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| Price: | C$0.05
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| Warrants: | No
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| Placement agents: | GMP Securities LP (lead), Orion Securities Inc.
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| Pricing date: | Aug. 9
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| Settlement date: | Aug. 18
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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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| Stock price: | C$0.10 at close Aug. 18
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