Deal conducted through lead agent Versant Partners and MGI Securities
By Devika Patel
Knoxville, Tenn., Feb. 28 - VendTek Systems Inc. said it settled a private placement of units. The deal priced for C$1 million on Feb. 16 and raised C$1.02 million through lead agent Versant Partners Inc. and agent syndicate member MGI Securities Inc.
The company sold 1,695,000 units at C$0.60 apiece. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable at C$0.75 for three years. The strike price reflects a 25% premium to the Feb. 16 closing share price of C$0.60.
Proceeds will be used for general working capital purposes and to continue the company's expansion plans.
VendTek is a software application and services company based in Port Coquitlam, B.C.
| Issuer: | VendTek Systems Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1,017,000
|
| Units: | 1,695,000
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.75
|
| Agents: | Versant Partners Inc. (lead) and MGI Securities Inc.
|
| Pricing date: | Feb. 16
|
| Settlement date: | Feb. 28
|
| Stock symbol: | TSX Venture: VSI
|
| Stock price: | C$0.60 at close Feb. 16
|
| Market capitalization: | C$25.45 million
|
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