By Devika Patel
Knoxville, Tenn., June 20 - Cantronic Systems Inc. said it will conduct a C$5 million private placement of shares. The deal was announced as an offering of units of one common share and one half-share warrant on June 11.
The company will sell the common shares on a best-efforts basis at C$0.35 apiece.
The deal will be conducted by a syndicate of agents led by Leede Financial Markets Inc. and Blackmont Capital Inc. and including Canaccord Capital Corp. and Research Capital Corp. The agents have a greenshoe for 15%.
Settlement is expected in mid-July.
Proceeds will be used to finance the company's planned acquisition in China, as well as for commercialization and general working capital purposes.
Based in Coquitlam, B.C., Cantronic manufactures, distributes and provides training for thermal infrared imaging and condition monitoring, as well as for infrared night vision technology, specializing in passive and active infrared cameras, infrared illuminators, low light infrared sensitive charge-coupled device cameras and long-range night vision surveillance systems for various security applications.
| Issuer: | Cantronic Systems Inc.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Greenshoe: | 15%
|
| Price: | C$0.35
|
| Warrants: | No
|
| Agents: | Leede Financial Markets Inc., Blackmont Capital Inc. (co-leads), Canaccord Capital Corp., Research Capital Corp.
|
| Announcement date: | June 11
|
| Pricing date: | June 20
|
| Stock symbol: | TSX Venture: CTS
|
| Stock price: | C$0.445 at close June 20
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