By Devika Patel
Knoxville, Tenn., Sept. 24 - Verb Exchange Inc. announce it has closed a C$1.73 million private placement of units.
The company sold 17,250,000 units at C$0.10 apiece. Each unit consists of one common share and one warrant. The two-year warrants are exercisable at C$0.20 for the first year and C$0.30 thereafter.
The warrants may expire sooner if Verb Exchange's shares trade at C$0.30 or more for 10 consecutive days in the first year or C$0.40 or more in the second year.
Proceeds will be used to market and acquire additional subscribers to the CoPilot Console platform; launch International VE Mobile; command high revenue advertising fees through rich refined analytics deployment; and improve competitive differentiation through superior market understanding.
Verb paid C$97,600 in commissions and issued 1,020,943 compensation options. Each option permits the holder to acquire one common share at C$0.10 per share for one year.
Verb Exchange is a communications services provider based in Vancouver, B.C.
| Issuer: | Verb Exchange Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1,725,000
|
| Units: | 17,250,000
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20 (first year); C$0.30 (second year)
|
| Fees: | C$97,600; 1,020,943 compensation options
|
| Settlement date: | Sept. 24
|
| Stock symbol: | TSX Venture: VEI
|
| Stock price: | C$0.275 at close Sept. 21
|
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