By Laura Lutz
Des Moines, June 7 - Rutter Inc. closed a private placement of units for C$12,112,286.
The company sold 18,634,286 units of one share and one half-share warrant at C$0.65 per unit. Each whole warrant will be exercisable at C$0.80 for 18 months.
Of the units, 6,922,796, or 37.2%, were bought by insiders of Rutter. The company had obtained shareholder approval to increase the percentage of insider participation to that amount.
The placement was conducted in connection with Rutter's acquisition of Hinz Automation.
Following the placement, there are 76,676,567 shares of Rutter outstanding.
Based in St. John's, Newfoundland, Rutter focuses on electronics and automation and control-systems engineering.
| Issuer: | Rutter Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$12,112,286
|
| Units: | 18,634,286
|
| Price: | C$0.65
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.80
|
| Settlement date: | June 7
|
| Stock symbol: | Toronto: RUT
|
| Stock price: | C$0.66 at close June 6
|
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