Underwriting syndicate helps fund sales, marketing, corporate purposes
By Devika Patel
Knoxville, Tenn., Oct. 25 - Sphere 3D Corp. said it will conduct a C$3.35 million private placement of units.
The company will sell 1 million units of one common share and one half-share warrant at C$3.35 per unit on a bought-deal basis. Each whole two-year warrant will be exercisable at C$4.50, a 13.64% premium to the Oct. 24 closing share price of C$3.96.
The offering is being conducted via a syndicate of underwriters led by Cormark Securities Inc.
Settlement is expected Nov. 12.
Proceeds will be used for sales and marketing as well as general corporate purposes.
Sphere 3D is a virtualization technology solution provider based in Mississauga, Ont.
| Issuer: | Sphere 3D Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3.35 million
|
| Units: | 1 million
|
| Price: | C$3.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$4.50
|
| Underwriter: | Cormark Securities Inc. (lead)
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 12
|
| Stock symbol: | TSX Venture: ANY
|
| Stock price: | C$3.96 at close Oct. 24
|
| Market capitalization: | C$71.42 million
|
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