Insiders will subscribe for more than 25% of placement
By Angela McDaniels
Tacoma, Wash., May 16 - Texada Software Inc. announced a non-brokered private placement of up to 22.5 million common shares at a price of C$0.20 per share for anticipated proceeds of up to C$4.5 million.
The price per share is a 16.7% discount to the company's C$0.24 closing share price on May 15.
Insiders of the company will be subscribing for more than 25% of the placement and on the same terms as arm's-length investors, according to a company news release.
The placement is expected to close June 15.
The company plans to use the proceeds for working capital and equipment and other asset purchases.
Texada Software operates in three business segments: equipment rental, equipment dealership and enterprise asset management software. It is based in Guelph, Ont.
| Issuer: | Texada Software Inc.
|
| Issue: | Common shares
|
| Amount: | C$4.5 million
|
| Shares: | 22.5 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 16
|
| Settlement date: | June 15
|
| Stock symbol: | TSX Venture: TXS
|
| Stock price: | C$0.24 at close May 16
|
| Market capitalization: | C$15.07 million
|
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