By Sheri Kasprzak
New York, Oct. 27 - Rutter Inc. said it wrapped its previously announced private placement for C$5 million.
The company issued 5,882,353 shares at C$0.85 each through placement agent MGI Securities Inc.
The offering was first announced Oct. 11 as a C$6 million deal composed of 7,058,823 shares under the same terms.
At closing, the company's chief executive officer Donald Clarke had purchased 830,000 shares, increasing his holdings in the company to 5,044,444 shares or 11.6% of the company.
Proceeds will be used for working capital.
Based in St. John's, Newfoundland, Rutter manufactures voice recording equipment for boats.
| Issuer: | Rutter Inc.
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| Issue: | Stock
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| Amount: | C$5 million
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| Shares: | 5,882,353
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| Price: | C$0.85
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| Warrants: | No
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| Placement agent: | MGI Securities Inc.
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| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 27
|
| Stock price: | C$0.90 at close Oct. 11
|
| Stock price: | C$0.88 at close Oct. 27
|
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