By Sheri Kasprzak
New York, June 20 - Resin Systems Inc. has priced its previously announced C$7 million private placement.
The offering includes up to 4 million units at C$1.75 each.
The units consist of one share and one half-share warrant. Each whole warrant is exercisable at C$2.25 for 18 months.
The deal is expected to close June 28.
Agents CIBC World Markets Inc. and Kingsdale Capital Markets Inc. have a greenshoe for up to C$3 million.
Proceeds will be used for order fulfillment of modular composite utility poles and for the commercialization and development of its Version resins and other products. The rest will be used for working capital.
Based in Edmonton, Alta., Resin develops resin-based communications infrastructure products.
| Issuer: | Resin Systems Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$7 million
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| Greenshoe: | For up to C$3 million
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| Units: | 4 million
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| Price: | C$1.75
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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: | C$2.25
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| Placement agents: | CIBC World Markets Inc. and Kingsdale Capital Markets Inc.
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| Pricing date: | June 20
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| Settlement date: | June 28
|
| Stock symbol: | Toronto: RS
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| Stock price: | C$1.80 at close June 20
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