By Sheri Kasprzak
Atlanta, March 22 - Tamarack Ventures Inc. said it has raised $3.5 million in a private placement of stock.
The company sold 1.75 million units at $2.00 each to 76 investors as part of its merger with Administration for International Credit and Investment Inc. (AICI).
The units included two common shares, one series A warrant and one series B warrant.
The series A warrants allow for an additional share at $1.50 each for five years. The series B warrants allow for an additional share at $2.00 each for five years.
The series A warrants are callable if the company's stock trades above $2.00 for 10 consecutive trading days. The series B warrants are callable if its stock trades above $2.50 each for 10 trading days. However, the company may not call more than 25% of the warrants in any 30-day period and the company must simultaneously call all series A warrants and series B warrants on the same terms. The company may also not call the warrants unless all of the shares issuable under the warrants are registered.
Under the terms of the merger, Tamarack issued 21,875,566 shares to AICI's shareholders. The company has also changed its fiscal year from July 31 to Dec. 31 and will change its name to Ipex Inc.
Based in San Diego, Tamarack is a voice-over-internet protocol provider.
| Issuer: | Tamarack Ventures Inc.
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| Issue: | Units of two shares, one series A warrant and one series B warrant
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| Amount: | $3.5 million
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| Units: | 1.75 million
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| Price: | $2.00
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| Settlement date: | March 18
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| Series A warrants
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| Warrants: | One series A warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.50
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| Series B warrants
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| Warrants: | One series B warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $2.00
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