By Sheri Kasprzak
Atlanta, Dec. 27 - Skoobins Resources Inc. said it closed a private placement of convertible debentures for C$1,265,000.
The debentures will convert into 2,908,046 units after the company raises a minimum of C$2.5 million in a private placement.
The units are comprised of one share and one half-share warrant. The whole warrants allow for an additional share at C$0.65 each for 18 months.
The offering was initially announced Nov. 23 as a C$900,000 deal.
Skoobins conducted the private placement for The Medipattern Corp., of which Skoobins is the major shareholder.
Loewen, Ondaatjie, McCutheon Ltd. and First Associates Investments Inc. were the placement agents in the deal.
Based in Toronto, Medipattern produces medical imaging software. It plans to use the proceeds from the offering for continuing operations while finalizing a second private placement for C$2.5 million and amalgamation. The second phase of the private placement is scheduled to close in 2005. Skoobins is a capital pool company.
| Issuer: | Skoobins Resources Inc. (for The Medipattern Corp.)
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| Issue: | Convertible debentures
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| Amount: | C$1,265,000
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| Conversion ratio: | Into 2,908,046 units of one share and one half-share warrant
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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$0.65
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| Placement agents: | Loewen, Ondaatjie, McCutcheon Ltd. and First Associates Investments Inc.
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| Settlement date: | Dec. 24
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| Stock price: | C$0.475 at close Dec. 24
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