By Devika Patel
Knoxville, Tenn., Feb. 29 - RediShred Capital Corp. announced it will raise between C$3.6 million and C$5 million in a private placement of stock.
The company also said it planned to acquire the Proshred U.S franchising business for about C$5.3 million. The purchase price will be paid with a combination of cash and common shares.
In the private placement, the company will sell between 6,923,076 and 9,615,385 common shares at about C$0.52 apiece, provided that a maximum of 12,884,615 common shares will be issued in the private placement together with the acquisition.
Proceeds will be used to fund the acquisition.
RediShred, based in Halifax, N.S., is a capital pool company.
| Issuer: | RediShred Capital Corp.
|
| Issue: | Class A shares
|
| Amount: | C$3.6 million (minimum), C$5 million (maximum)
|
| Shares: | 6,923,076 (minimum), 9,615,385 (maximum)
|
| Price: | C$0.52
|
| Warrants: | No
|
| Pricing date: | Feb. 29
|
| Stock symbol: | TSX Venture: KUT.P
|
| Stock price: | C$0.65 at close Feb. 29
|
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