By Sheri Kasprzak
Atlanta, March 10 - Coastal Contacts Inc. said it closed a private placement of stock for C$12.32 million.
The company sold a total of 11.2 million shares at C$1.10 each. The amount included 3.2 million shares exercised as part of an over-allotment option.
An underwriting syndicate led by Octagon Capital Corp. and Canaccord Capital Corp. placed the deal.
The offering was first announced Feb. 22 as a C$8.8 million deal.
Based in Vancouver, B.C., Coastal Contacts markets and distributes contact lenses. The company plans to use the proceeds for expansion, sales and marketing, as well as for working capital.
| Issuer: | Coastal Contacts Inc.
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| Issue: | Stock
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| Amount: | C$12.32 million
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| Shares: | 11.2 million (includes greenshoe for 3.2 million)
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| Price: | C$1.10
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| Warrants: | No
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| Underwriters: | Octagon Capital Corp. and Canaccord Capital Corp.
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| Announcement date: | Feb. 22
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| Settlement date: | March 10
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| Stock price: | C$1.30 at close Feb. 22
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| Stock price: | C$1.25 at close March 10
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