By Laura Lutz
Des Moines, June 15 - Jite Technologies Inc. settled a slightly upsized private placement of units for C$10,000,350.
The company sold 22.223 million 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.
The placement priced on June 4 as a C$10 million offering of up to 22,222,222 units.
Research Capital Corp. was the lead agent, and CIBC World Markets Inc. and MGI Securities Inc. were the co-agents.
McVicar Resources Inc., which is the controlling shareholder of Jite, and two other insiders subscribed for a total of 996,000 units.
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$10,000,350
|
| Units: | 22.223 million
|
| 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.
|
| Investors: | McVicar Resources Inc. and two other insiders (for 996,000 units)
|
| Announcement date: | May 17
|
| Pricing date: | June 4
|
| Settlement date: | June 15
|
| Stock symbol: | TSX Venture: JTI
|
| Stock price: | C$0.63 at close June 1
|
| Stock price: | C$0.52 at close June 14
|
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