Company arranges financing at C$0.20 per unit to fund working capital
By Devika Patel
Knoxville, Tenn., July 22 - RXT 110 Inc. said it settled the initial C$1.58 million tranche of a C$2.83 million private placement of units. The deal priced July 15.
The company is selling 14,135,000 units of one class A share and one class A warrant at C$0.20 per unit, with each warrant exercisable at C$0.30 for 18 months.
The strike price is a 100% premium to the July 14 closing share price of C$0.15.
RXT sold 7.9 million units in the first tranche.
Proceeds will be used for working capital.
The Toronto-based company's retail anti-microbial products kill mold, bacteria and fungi on contact and prevent regrowth.
| Issuer: | RXT 110 Inc.
|
| Issue: | Units of one class A share and one class A warrant
|
| Amount: | C$2,827,000
|
| Units: | 14,135,000 (7.9 million in first tranche)
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Pricing date: | July 15
|
| Settlement date: | July 22 (for C$1.58 million)
|
| Stock symbol: | CNSX: RXT
|
| Stock price: | C$0.15 at close July 14
|
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