Fully subscribed offering meets liquidity requirements for acquisition
By Devika Patel
Knoxville, Tenn., Sept. 15 - Texada Software Inc. said it took in C$250,000 in the second and final tranche of a fully subscribed C$4 million non-brokered private placement of stock. The deal priced Aug. 2 and the company raised C$3.75 million on Aug. 30.
The company sold 40 million common shares at C$0.10 per share, a 17.65% premium to the Aug. 1 closing share price of C$0.085. It sold 37.5 million shares in the initial tranche and 2.5 million shares in the second tranche.
Proceeds will be used to satisfy certain liquidity conditions of a financing being made in connection with the company's planned acquisition of the operating assets of two U.S.-based businesses, to acquire a rental fleet for these businesses and for working capital purposes.
Based in Toronto, Texada provides software for equipment rental companies and other commercial customers.
| Issuer: | Texada Software Inc.
|
| Issue: | Common stock
|
| Amount: | C$4 million
|
| Shares: | 40 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 2
|
| Settlement date: | Aug. 30 (for C$3.75 million), Sept. 15 (for C$250,000)
|
| Stock symbol: | TSX Venture: TXS
|
| Stock price: | C$0.085 at close Aug. 1
|
| Market capitalization: | C$1.09 million
|
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