Proceeds slated to support commercialization and production activities
By Devika Patel
Knoxville, Tenn., April 8 - Noveko International Inc. said it terminated a C$5 million private placement of units that priced on Feb. 22 and is replacing it with a C$4 million offering so that the unit and warrant prices reflect the market price of the company's shares.
The company is now selling units at C$0.70 apiece; the units in the previous placement were priced at C$0.40 per unit.
The units each consist of one class A share and a half-share warrant, with each whole two-year warrant exercisable at C$1.00 in the first year and C$2.00 in the second. The strike prices are 44.93% and 189.86% premiums to the April 7 closing share price of C$0.69.
Proceeds will be used to support the group's increasing commercialization and production activities, especially in the air filtration segment, which is undergoing strong growth, and in ultrasound scanners for use in human and veterinary medicine, where demand is also strong.
Montreal-based Noveko designs and markets ultrasound scanners.
| Issuer: | Noveko International Inc.
|
| Issue: | Units of one class A share and a half-share warrant
|
| Amount: | C$4 million
|
| Price: | C$0.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike prices: | C$1.00 in the first year, C$2.00 in the second
|
| Pricing date: | April 8
|
| Stock symbol: | Toronto: ECO
|
| Stock price: | C$0.69 at close April 7
|
| Market capitalization: | C$59.21 million
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