By Sheri Kasprzak
Atlanta, Feb. 10 - Resin Systems Inc. said it will raise up to $2.5 million in a private placement.
The company plans to sell up to 2,173,914 units at $1.15 each. The units are comprised of one share and one half-share warrant.
The whole warrants allow for an additional share at $1.65 each for six months and $2 each for one year.
The offering is in addition to a private placement for up to C$7.5 million, announced Feb. 4. That deal includes up to 6,521,740 units at C$1.15 each, under the same terms.
Kingsdale Capital Markets Inc. is the placement agent in the new offering.
Resin, based in Edmonton, Alta., is a composite materials technology company. The proceeds will be used to fund production equipment to manufacture modular composite utility poles and to commercialize and develop its resins and other related products. The remainder will be used for general working capital.
| Issuer: | Resin Systems Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $2.5 million (maximum)
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| Units: | 2,173,914 (maximum)
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| Price: | $1.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | $1.65 for six months; $2.00 for one year
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| Placement agent: | Kingsdale Capital Markets Inc.
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| Pricing date: | Feb. 9
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| Stock price: | $1.00 at close Feb. 9
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