Proceeds slated for global growth objectives, working capital
By Devika Patel
Knoxville, Tenn., Sept. 30 - Noveko International Inc. said it sold 7.4 million common shares at C$0.60 apiece in the first tranche of a private placement. The offering priced for between C$4 million and C$10 million on Sept. 23, and the company has now raised C$4.44 million.
The per-share price represents a 1.64% discount to the Sept. 22 closing share price of C$0.61. Investors must subscribe for a minimum of C$150,000.
Settlement of the first tranche was Sept. 30. Final settlement is expected on Nov. 8.
Proceeds will be used to pursue the company's global growth objectives, mainly in the filtration sector, as well as for working capital.
"This offering provides us with the necessary resources to realize our corporate vision and actively pursue the marketing of our technologies, particularly our filtration solutions, which are expected to post significant growth this year. Furthermore, this support by our investors attests to their confidence in our capacity to implement our business plan," chairman of the board and chief executive officer Andre Leroux said in a press release Thursday.
Montreal-based Noveko designs and markets ultrasound scanners.
| Issuer: | Noveko International Inc.
|
| Issue: | Common shares
|
| Amount: | C$4 million (minimum), C$10 million (maximum)
|
| Price: | C$0.60
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| Warrants: | No
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| Pricing date: | Sept. 23
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| Settlement dates: | Sept. 30 (for C$4.44 million), Nov. 8
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| Stock symbol: | Toronto: EKO
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| Stock price: | C$0.61 at close Sept. 22
|
| Market capitalization: | C$44.04 million
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