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Vogogo greenshoe ups units of 8% notes, warrants to C$34.5 million
By Wendy Van Sickle
Columbus, Ohio, June 21 – Vogogo Inc. said the C$4.5 million over-allotment option for its units consisting of an 8% senior unsecured extendible non-redeemable convertible debenture and 1,000 warrants was fully exercised, lifting the total deal size to $34.5 million.
The greenshoe was for 4,500 units.
The company priced C$30 million or 30,000 of the units on May 15, as previously reported.
The convertible debentures were priced at par and are convertible into 2,000 common shares representing a conversion price of C$0.50.
Each warrant will have a strike price of C$0.70 and will expire in two years.
Canaccord Genuity Corp. is the bookrunner for the offering, which was marketed by way of a short form prospectus in Ontario, British Columbia and Alberta and certain other jurisdictions outside of Canada and the United States.
The initial maturity of the convertible debentures will be the earlier of either Nov. 30, 2018 or the date the company terminates its acquisition of 14,000 cryptocurrency mining machines plus supporting infrastructure.
If the acquisition is terminated, holders of the convertible debentures will receive 104% of the issue price and will retain ownership of the warrants in each unit.
The maturity date will extend to June 30, 2020 if the acquisition is completed on or before the initial maturity date of Nov. 30, 2018.
If the maturity date is extended, the company has the option to repay the convertible debentures by delivering common shares equal to 95% of the volume weighted average trading price of the common shares on the Canadian Securities Exchange.
Proceeds will be used to fund the acquisition of the cryptocurrency mining machines and for general corporate purposes.
Vogogo is a Calgary, Alta.-based technology services provider.
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