By Sheri Kasprzak
New York, June 29 - Resin Systems Inc. said the over-allotment option on its previously announced private placement was partly exercised, lifting total proceeds of the deal to C$9,801,715.
The company issued 5,600,980 units, including the greenshoe for 1,600,980 additional units, at C$1.75 each.
The greenshoe was exercised by agents CIBC World Markets Inc. and Kingsdale Capital Markets Inc. The agents had been granted a greenshoe for up to 1,714,286 units.
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 priced on June 20 as a C$7 million offering of 4 million units.
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.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$9,801,715
|
| Units: | 5,600,980 (includes greenshoe for 1,600,980 units)
|
| Price: | C$1.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$2.25
|
| Placement agents: | CIBC World Markets Inc. and Kingsdale Capital Markets Inc.
|
| Pricing date: | June 20
|
| Settlement date: | June 29
|
| Stock symbol: | Toronto: RS
|
| Stock price: | C$1.80 at close June 20
|
| Stock price: | C$1.75 at close June 29
|
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