Deal funds general working capital purposes; shares sold at C$0.014
By Devika Patel
Knoxville, Tenn., May 27 – DATA Group Ltd. said it may raise C$2.78 million in a non-brokered private placement of stock.
The company will sell 198,751,793 common shares at C$0.014 per share. The price per share is a 40% premium to the May 26 closing share price of C$0.01.
President and chief executive officer Michael Sifton may buy up to 98,876,520 shares for C$1,384,271.
Settlement is expected on May 31.
Proceeds will be used for general working capital purposes.
DATA Group is a Brampton, Ont., business communications services company specializing in customized document management and marketing solutions.
| Issuer: | DATA Group Ltd.
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| Issue: | Common shares
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| Amount: | C$2,782,525
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| Shares: | 198,751,793
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| Price: | C$0.014
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| Warrants: | No
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| Agents: | Non-brokered
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| Investor: | Michael Sifton (for C$1,384,271)
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| Pricing date: | May 27
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| Settlement date: | May 31
|
| Stock symbol: | Toronto: DGI
|
| Stock price: | C$0.01 at close May 26
|
| Market capitalization: | C$19.98 million
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