Non-brokered offering funds working capital purposes and acquisitions
By Devika Patel
Knoxville, Tenn., Feb. 25 – ARHT Media Inc. said it raised C$1.07 million in the initial tranche of a non-brokered private placement of units. The deal priced for C$2 million on Feb. 3 but is now slated to raise about C$2.07 million.
The company is selling 5 million units of one common share and one half-share warrant at C$0.40 per unit, with each whole warrant exercisable at C$0.60 for two years. The strike price is a 46.34% premium to C$0.41, the Feb. 2 closing share price.
ARHT sold 2,672,500 units in the first tranche.
Settlement of the second tranche for about C$1 million is expected March 5.
Proceeds will be used for general working capital purposes and potential acquisitions.
The Toronto company builds interactive human holograms.
| Issuer: | ARHT Media Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$2,069,000 (approximate)
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| Price: | C$0.40
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.60
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| Agent: | Non-brokered
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| Pricing date: | Feb. 3
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| Settlement date: | Feb. 25 (for C$1,069,000), March 5 (for about C$1 million)
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| Stock symbol: | TSX Venture: ART
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| Stock price: | C$0.41 at close Feb. 2
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| Market capitalization: | C$12.88 million
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