Non-brokered offering to fund product development, corporate purposes
By Devika Patel
Knoxville, Tenn., March 11 – Slyce Inc. said it raised C$4.47 million in the first tranche of a C$7 million non-brokered private placement of units. The deal priced on Feb. 10.
The company is selling 70 million units of one common share and two half-share warrants at C$0.10 per unit. It sold 44,690,669 units in the initial tranche.
The first whole warrant is exercisable at C$0.12 for three years, and the second whole warrant is exercisable at C$0.20 for four years. The warrant strike prices are 33.33% and 122.22% premiums to C$0.09, the Feb. 9 closing share price.
Proceeds will be used for product development and enhancement purposes, general and administrative expenditures and general corporate purposes.
Slyce, based in Toronto, offers a visual product search platform.
| Issuer: | Slyce Inc.
|
| Issue: | Units of one common share and two half-share warrants
|
| Amount: | C$7 million
|
| Units: | 70 million
|
| Price: | C$0.10
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration: | Three years, four years
|
| Warrant strike price: | C$0.12, C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 10
|
| Settlement date: | March 11 (for C$4,469,067)
|
| Stock symbol: | TSX Venture: SLC
|
| Stock price: | C$0.09 at close Feb. 9
|
| Market capitalization: | C$11.72 million
|
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