Haywood is agent; deal includes greenshoe for 3.13 million shares
By Susanna Moon
Chicago, March 14 – MediaValet Inc. said it plans to raise C$1.5 million through a private placement of units led by Haywood Securities Inc. with an over-allotment option for another 3,125,000 units. Units consist of one common share and one half-share purchase warrant.
The company will sell up to 9,375,000 units at a price of C$0.16 per unit.
Each warrant is exercisable at C$0.24 each for 12 months.
The warrant strike price is a 41.18% premium to the company’s closing price on March 11.
Proceeds will be used to support the company's global sales and marketing efforts, to accelerate product development and for general working capital purposes.
The provider of cloud-based digital asset management software is based in Vancouver, B.C.
| Issuer: | MediaValet Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.5 million
|
| Greenshoe: | For additional 3,125,000 units
|
| Units: | 9,375,000
|
| Price: | C$0.16
|
| Warrants: | One half-share per unit
|
| Warrant expiration: | 12 months
|
| Warrant strike price: | C$0.24
|
| Agent: | Haywood Securities Inc.
|
| Pricing date: | March 14
|
| Settlement date: | March 30
|
| Stock symbol: | Canada: MVP
|
| Stock price: | C$0.17 at close March 11
|
| Market capitalization: | C$12.01 million
|
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