By Sheri Kasprzak
Atlanta, June 21 - Route1 Inc. said it has closed its previously announced private placement for C$4 million.
The company sold a total of 13,333,335 units at C$0.30 each to private investors, employees and institutions.
The units consist of one share and one half-share warrant. The whole warrants provide for an additional share at C$0.40 each for 18 months.
On June 7, Route1 announced its plans to raise between C$1 million and C$4 million in a private placement, though the details of the offering had not been determined at that time.
Based in Toronto, Route1 is a wireless technology provider. The proceeds will be used for general corporate purposes and working capital for marketing and distributing its Mobi Solution product, a remote computing device.
| Issuer: | Route1 Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4 million
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| Units: | 13,333,335
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| Price: | C$0.30
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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$0.40
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| Settlement date: | June 21
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| Stock price: | C$0.40 at close June 20
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