Brokered best-efforts units offering has a C$1.5 million greenshoe
By Devika Patel
Knoxville, Tenn., Aug. 30 - Nuvolt Corp. said it raised C$270,000 in the initial tranche of a C$3 million private placement of units. The deal priced with a C$1.5 million greenshoe on June 15.
The company is selling 30 million units at C$0.10 apiece on a best-efforts basis. It sold 2.7 million units in the first tranche. Each unit consists of one common share and a half-share warrant.
Each whole warrant is exercisable at C$0.20 for three years. The strike price represents a 100% premium to the June 14 closing share price of C$0.10.
Capital MLB Inc. will invest C$500,000.
Northern Securities Inc. is the agent.
Proceeds will be used to launch the commercialization of Smartscan, as well as for working capital.
Based in Levis, Quebec, Nuvolt designs and markets equipment-monitoring systems and electrical network management for the industrial, commercial and agricultural sectors.
Issuer: | Nuvolt Corp.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$3 million
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Greenshoe: | C$1.5 million
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Units: | 30 million
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Price: | C$0.10
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.20
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Agent: | Northern Securities Inc.
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Investor: | Capital MLB Inc. (for C$500,000)
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Pricing date: | June 15
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Settlement date: | Aug. 30 (for C$270,000)
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Stock symbol: | TSX Venture: NCO
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Stock price: | C$0.10 at close June 14
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Market capitalization: | C$7.62 million
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