By Devika Patel
Knoxville, Tenn., June 20 - IP Applications Corp. said it will raise between C$750,000 and C$1.5 million in a non-brokered private placement of units.
The company will sell up to 7.5 million units at C$0.20 apiece. Each unit consists of one common share and a half-share warrant. Each whole warrant is exercisable for two years at C$0.25.
Proceeds will be used for working capital.
Based in Vancouver, B.C., IP Applications is a provider of managed software and support services that enable companies to deliver quality internet services.
| Issuer: | IP Applications Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$750,000 (minimum), C$1.5 million (maximum)
|
| Units: | 3.75 million (minimum), 7.5 million (maximum)
|
| Price: | C$0.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | June 20
|
| Stock symbol: | TSX Venture: IPX
|
| Stock price: | C$0.19 at close June 19
|
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