Company to complete concurrent sales of shares, warrants by April 30
By Devika Patel
Knoxville, Tenn., Feb. 27 - Verisante Technology, Inc. said it will raise between C$2 million and C$5 million in a private placement of units, which will be conducted alongside a separate placement of units that is also slated to raise between C$2 million and C$5 million. Raymond James Ltd. is the agent for the first offering.
The company will sell between 4 million and 10 million units of one common share and one warrant at C$0.50 per unit in the first deal and between 4 million and 10 million units of one common share and one warrant at C$0.50 per unit in the second deal.
The warrants will be exercisable at C$0.70 for two years. The strike price is a 34.62% premium to the Feb. 26 closing share price of C$0.52.
Settlement is expected April 30.
Proceeds will be used for manufacturing Aura, to pursue additional regulatory approvals of Aura, to support sales and marketing initiatives and for working capital requirements.
The medical device and diagnostic company is based in Vancouver, B.C.
| Issuer: | Verisante Technology, Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$4 million (minimum), C$10 million (maximum)
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| Price: | C$0.50
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.70
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| Pricing date: | Feb. 27
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| Settlement date: | April 30
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| Stock symbol: | TSX Venture: VRS
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| Stock price: | C$0.52 at close Feb. 26
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| Market capitalization: | C$34.4 million
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|
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| First deal
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| Amount: | C$2 million (minimum), C$5 million (maximum)
|
| Units: | 4 million (minimum), 10 million (maximum)
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| Agent: | Raymond James Ltd.
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|
|
| Second deal
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| Amount: | C$2 million (minimum), C$5 million (maximum)
|
| Units: | 4 million (minimum), 10 million (maximum)
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