By Sheri Kasprzak
New York, Sept. 11 - Cheq-It Ltd. has upsized to C$2.5 million its previously announced C$1.5 million private placement.
The offering now includes up to 8,333,333 and at least 5 million subscription receipts at C$0.30 each.
The receipts are exchangeable on a one-for-one basis for units of one share and one half-share warrant once the company completes its acquisition of a service rig and equipment from R&L Consulting and Sales.
The whole warrants are exercisable at C$0.50 each.
The acquisition of assets is expected to cost C$1.3 million and is expected to close by Sept. 20.
The private placement priced on Aug. 4 as a C$1.5 million offering up to 5 million units under the same terms.
Calgary, Alta.-based Cheq-It produces check writing and electronic fund transfer systems.
| Issuer: | Cheq-It Ltd.
|
| Issue: | Subscription receipts for units of one share and one half-share warrant
|
| Amount: | C$2.5 million (maximum); C$1.5 million (minimum)
|
| Receipts: | 8,333,333 (maximum); 5 million (minimum)
|
| Price: | C$0.30 each
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Announcement date: | Aug. 4
|
| Upsized: | Sept. 11
|
| Stock symbol: | TSX Venture: CQT
|
| Stock price: | C$0.31 at close Aug. 4
|
| Stock price: | C$0.31 at close Sept. 11
|
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