By Devika Patel
Knoxville, Tenn., May 13 - Zaio Corp. said it raised C$449,530 in the first tranche of a C$2.5 million non-brokered private placement of units. The deal priced April 25.
The company is selling 19,230,770 units at C$0.13 apiece. It sold 3,457,923 units in this tranche. Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.23 for 18 months.
Proceeds will be used to reintroduce the Zaio concept to the U.S. mortgage market and for working capital and general corporate purposes.
Based in Calgary, Alta., Zaio maintains a database of property information.
| Issuer: | Zaio Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2.5 million
|
| Units: | 19,230,770
|
| Price: | C$0.13
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.23
|
| Agents: | Non-brokered
|
| Pricing date: | April 25
|
| Settlement date: | May 13 (for C$449,530)
|
| Stock symbol: | TSX Venture: ZAO
|
| Stock price: | C$0.13 at close April 23
|
| Market capitalization: | C$11.3 million
|
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