By Sheri Kasprzak
Atlanta, Oct. 27 - Rolland Virtual Business Systems Ltd. said late Tuesday it plans to raise between C$750,000 and C$2.5 million in a private placement.
The company will issue a minimum of 2 million units and a maximum of 6.66 million units of one share and one warrant at C$0.375 per unit.
The warrants, exercisable for two years, allow for the purchase of an additional share at C$0.50.
RVBS expects the deal to close Nov. 8.
Montreal-based RVBS is an e-commerce software company. It plans to use the money raised in the private placement to increase working capital in an effort to further marketing efforts and pursue research initiatives.
| Issuer: | Rolland Virtual Business Systems Ltd.
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| Issue: | Units of one share and one warrant
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| Amount: | C$750,000 minimum; C$2.5 million maximum
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| Shares: | A minimum of 2 million units; a maximum of 6.66 million units
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| Price: | C$0.375 per unit
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Announcement date: | Oct. 26
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| Settlement date: | Nov. 8
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| Stock price: | C$0.49 at close Oct. 26
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