Proceeds slated for acquisition of Praxis Sante, company's cash flow
By Devika Patel
Knoxville, Tenn., Feb. 10 - ZoomMed Inc. said it completed an initial tranche of a private placement of units through agent Avenue Capital Markets Inc. The deal priced for C$2.5 million on Feb. 3 and the company raised C$1.99 million in this tranche.
ZoomMed is selling units of one common share and one half-share warrant at C$0.155 apiece. In the first tranche, the company sold 12,855,483 units. Each whole two-year warrant is exercisable at C$0.155, an 8.82% discount to the Feb. 2 closing share price of C$0.17.
Proceeds will be used for the acquisition of Praxis Santé Inc. and the company's cash flow.
Brossard, Quebec-based ZoomMed sells prescription management products and laboratory equipment.
| Issuer: | ZoomMed Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Price: | C$0.155
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.155
|
| Agent: | Avenue Capital Markets Inc.
|
| Pricing date: | Feb. 3
|
| Settlement date: | Feb. 10 (for C$1,992,600)
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| Stock symbol: | TSX Venture: ZMD
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| Stock price: | C$0.17 at close Feb. 3
|
| Market capitalization: | C$19.95 million
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