By Laura Lutz
Des Moines, Jan. 16 - Cell-Loc Location Technologies Inc. increased the maximum size of its previously announced private placement of units to C$4 million from C$2.5 million.
The company now plans to sell up to 20 million units of one share and one warrant at C$0.20 per unit. Each warrant will be exercisable at C$0.28 for two years.
Orion Securities Inc. will act as agent for C$3 million of the deal. The remaining C$1 million will be non-brokered.
The deal priced on Jan. 12 as an offering of up to 12.5 million units with Orion acting as agent for the entire placement.
Settlement is expected on Jan. 26.
Proceeds will be used to fund ongoing marketing activities in Sao Paulo, Brazil, for other international business development costs and for working capital.
Based in Calgary, Alta., Cell-Loc develops network-based wireless location products.
| Issuer: | Cell-Loc Location Technologies Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$4 million
|
| Units: | 20 million
|
| Price: | C$0.20
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.28
|
| Placement agent: | Orion Securities Inc. (for C$3 million); remainder non-brokered
|
| Pricing date: | Jan. 12
|
| Upsized: | Jan. 15
|
| Settlement date: | Jan. 26
|
| Stock symbol: | TSX Venture: LTI
|
| Stock price: | C$0.22 at close Jan. 12
|
| Stock price: | C$0.22 at close Jan. 15
|
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