By Laura Lutz
Des Moines, June 4 - Jite Technologies Inc. set terms for its previously announced C$10 million private placement.
The company plans to sell up to 22,222,222 units of one share and one half-share warrant at C$0.45 per unit. Each whole warrant will be exercisable at C$0.65 for two years.
Research Capital Corp. is the lead agent with CIBC World Markets Inc. and MGI Securities Inc. as co-agents.
Settlement is expected on June 12.
Proceeds will be used to expand the company's manufacturing capacity and for general corporate purposes.
Based in Richmond Hill, Ont., Jite manufactures electronic and electrical connection devices.
| Issuer: | Jite Technologies Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$10 million
|
| Units: | 22,222,222
|
| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agents: | Research Capital Corp. (lead), CIBC World Markets Inc., MGI Securities Inc.
|
| Announcement date: | May 17
|
| Pricing date: | June 4
|
| Settlement date: | June 12
|
| Stock symbol: | TSX Venture: JTI
|
| Stock price: | C$0.63 at close June 1
|
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