By Laura Lutz
Des Moines, Sept. 1 - Route1, Inc. intends to complete a private placement of units for at least C$4.2 million and up to C$6 million, according to a company release.
The units of one share and one warrant are priced at C$0.08 each, with each whole warrant exercisable at C$0.10 for two years.
Westwind Partners Inc. will act as exclusive agent.
The deal is set to close on Sept. 12. Settlement is contingent on the completion of a definitive agreement with Westwind and the receipt of all required approvals.
The release did not specify how the company plans to use the proceeds.
Toronto-based Route1 develops identity-management systems for remote computing.
| Issure: | Route1, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$4.2 million (minimum); C$6 million (maximum)
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| Price: | C$0.08
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| Warrants: | One per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.10
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| Agent: | Westwind Partners Inc.
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| Pricing date: | Sept. 1
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| Settlement date: | Sept. 12
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| Stock symbol: | TSX Venture: ROI
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| Stock price: | C$0.10 at close on Aug. 31
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