M Partners is agent; deal funds working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 15 - TransGaming Inc. announced it plans a C$1.5 million private placement of units with a 33% greenshoe. M Partners Inc. will conduct the offering on a best-efforts basis.
The company will sell 3 million units of one common share and one warrant at C$0.50 per unit.
Each warrant is exercisable at C$0.75 for two years. The strike price represents a 27.12% premium to the Nov. 14 closing share price of C$0.59.
Proceeds will be used for working capital and general corporate purposes.
Based in Toronto, TransGaming is a developer of software portability products that allow game developers and publishers to develop games for one system and deploy them across multiple platforms.
| Issuer: | TransGaming Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.5 million
|
| Greenshoe: | C$500,000
|
| Units: | 3 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.75
|
| Agent: | M Partners Inc.
|
| Pricing date: | Nov. 15
|
| Stock symbol: | TSX Venture: TNG
|
| Stock price: | C$0.59 at close Nov. 14
|
| Market capitalization: | C$35.11 million
|
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