Accompanying C$300,000 loan allows a managing director to participate
By Susanna Moon
Chicago, Oct. 25 - Solium Capital Inc. said it negotiated a non-brokered private placement to insiders of up to 2,436,485 common shares at C$1.50 each for proceeds of up to C$3.65 million.
The company is selling the shares at a 7.14% premium to its closing price on Oct. 22.
Proceeds from the financing will be used for general corporate purposes and for investing in growth opportunities.
Solium agreed to provide a C$300,000 loan to one of its managing directors to allow the individual to participate in the placement.
The loan will have a term of five years and will be secured against all of the managing director's common shares of Solium. The interest rate will depend on the market value of the collateral relative to the value of the unpaid portion of the principal amount of the loan.
Closing is expected to occur on Nov. 12.
The common shares will be subject to a four-month hold period from the date of closing.
Solium specializes in the administration and execution of equity-based incentive and savings plans and is based in Calgary, Alta.
Issuer: | Solium Capital Inc.
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Issue: | Shares
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Amount: | C$3,654,727.50
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Price: | C$1.50
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Warrants: | No
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Agent: | Non-brokered
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Settlement date: | Oct. 25
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Stock symbol: | Toronto: SUM
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Stock price: | C$1.40 at close Oct. 22
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Market capitalization: | C$41.75 million
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