Offering sells about 13 million units of a share, a half-share warrant
By Devika Patel
Knoxville, Tenn., March 2 – Engagement Labs Inc. said it will raise about C$6.5 million in a private placement of units.
The company will sell about 13 million units of a common share and a half-share warrant at C$0.50 per unit.
Each whole warrant will be exercisable at C$0.75 for two years. The strike price reflects a 38.89% premium to the Feb. 27 closing share price of C$0.54.
The deal will be conducted on a best-efforts basis by a syndicate led by agent and bookrunner Cormark Securities Inc. and including Beacon Securities Ltd., Paradigm Capital Inc., First Republic Capital Corp. and PowerOne Capital Markets Ltd.
Settlement of the C$1 million first tranche is expected March 3, and a second tranche is expected to settle on March 16.
Proceeds will be used for general working capital.
Based in Toronto, the company offers social media data, analytics and insights for organizations that are actively engaging on social and digital networks.
Issuer: | Engagement Labs Inc.
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Issue: | Units of a common share and a half-share warrant
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Amount: | C$6.5 million (approximate)
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Units: | 13 million (approximate)
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Price: | C$0.50
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.75
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Agents: | Cormark Securities Inc. (lead), Beacon Securities Ltd., Paradigm Capital Inc., First Republic Capital Corp. and PowerOne Capital Markets Ltd.
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Pricing date: | March 2
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Settlement date: | March 3, March 16
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Stock symbol: | TSX Venture: EL
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Stock price: | C$0.54 at close Feb. 27
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Market capitalization: | C$3.92 million
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