Settlement was conditioned on extension of outstanding convertibles
By Angela McDaniels
Tacoma, Wash., May 19 – Engagement Labs Inc. plans to settle its C$2 million private placement of units on May 24. The offering priced April 28 and was originally expected to settle May 18.
Closing of the financing was subject to approval of an extension of the maturity date of the company’s outstanding convertible debentures. This condition has been satisfied.
According to a company news release, the holders of more than 90% of the outstanding convertibles approved in writing the extension of the maturity date to June 30, 2018 from Dec. 31, 2016 and a reduction of the conversion price to C$0.255 per share from C$0.35.
As previously reported, each unit is comprised of one common share and one warrant exercisable at C$0.35 per share for two years. The strike price is a 25% premium to the C$0.28 closing share price on April 27.
D&D Securities Inc. and PowerOne Capital Markets Ltd. are the agents.
The company is selling 8.7 million units for C$0.23 each. It originally planned to sell 7.5 million units for C$0.27 each.
Proceeds will be used for general working capital.
Based in Toronto, the company offers social media data, analytics and insights for organizations that are engaging on social and digital networks.
| Issuer: | Engagement Labs Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$2,001,000
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| Units: | 8.7 million
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| Price: | C$0.23
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| Warrants: | One per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.35
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| Agents: | D&D Securities Inc. and PowerOne Capital Markets Ltd.
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| Pricing date: | April 28
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| Settlement date: | May 24
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| Stock symbol: | TSX Venture: EL
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| Stock price: | C$0.28 at close April 27
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| Market capitalization: | C$15.66 million
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