Proceeds will be used for working capital, general corporate purposes
By Devika Patel
Knoxville, Tenn., May 5 – Napec Inc. said it has negotiated a C$7.5 million private placement of units with underwriter Laurentian Bank Securities Inc. There is a C$2.5 million greenshoe.
The company will sell 8,333,334 units of one common share and one warrant at C$0.90 per unit on a bought-deal basis.
Each whole warrant is exercisable at C$1.25 for two years. The strike price is a 34.41% premium to the May 4 closing share price of C$0.93.
Settlement is expected May 26.
Proceeds will be used for working capital and general corporate purposes.
The energy company is based in Drummondville, Quebec.
| Issuer: | Napec Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$7.5 million
|
| Greenshoe: | C$2.5 million, 2,777,778 units
|
| Units: | 8,333,334
|
| Price: | C$0.90
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.25
|
| Underwriter: | Laurentian Bank Securities Inc.
|
| Pricing date: | May 5
|
| Settlement date: | May 26
|
| Stock symbol: | Toronto: NPC
|
| Stock price: | C$0.93 at close May 4
|
| Market capitalization: | C$66.53 million
|
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