By Sheri Kasprzak
New York, June 19 - TechCana Inc. plans to raise C$3 million in a private placement.
The offering includes 3,529,411 shares at C$0.85 each.
The placement is being conducted as part of TechCana's acquisition of timber assets at the Malartic and Grand-Remous provinces of Quebec held by Domtar Inc.
Under the terms of the acquisition, TechCana will pay C$14.28 million in stock, equal to 16.8 million shares at C$0.85 each.
The acquisition will expand the manufacturing activities of multi-layered wood flooring.
Based in St-Felicien, Quebec, TechCana develops technology to make multi-layer flooring.
| Issuer: | TechCana Inc.
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| Issue: | Stock
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| Amount: | C$3 million
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| Shares: | 3,529,411
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| Price: | C$0.85
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| Warrants: | No
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| Pricing date: | June 19
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| Stock symbol: | TSX Venture: THA
|
| Stock price: | C$0.485 at close June 16
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