M Partners, 4Front are agents; deal funds general corporate purposes
By Devika Patel
Knoxville, Tenn., Aug. 16 - TransGaming Inc. announced it plans a C$1 million private placement of units. Co-lead agents M Partners Inc. and 4Front Capital Partners Inc. will conduct the offering on a best-efforts basis.
The company will sell 4 million units of one common share and one half-share warrant at C$0.25 per unit.
Each warrant is exercisable at C$0.35 for two years. The strike price represents a 59.09% premium to the Aug. 15 closing share price of C$0.22.
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 half-share warrant
|
| Amount: | C$1 million
|
| Units: | 4 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agents: | M Partners Inc. and 4Front Capital Partners Inc.
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| Pricing date: | Aug. 16
|
| Stock symbol: | TSX Venture: TNG
|
| Stock price: | C$0.22 at close Aug. 15
|
| Market capitalization: | C$14.85 million
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