By Devika Patel
Knoxville, Tenn., April 30 - Phonetime Inc. said it has extended the settlement date of a C$1.94 million private placement of units.
The deal priced on April 8 and will settle on May 22, extended from the original deadline of April 30.
The company will sell 12.9 million units at C$0.15 per unit on a best-efforts basis through First Republic Capital Corp.
The units consist of one common share and one warrant. Each warrant will be exercisable at C$0.30 for two years.
Proceeds will be used for working capital purposes.
Phonetime, based in Mississauga, Ont., is a long-distance telecommunications provider.
| Issuer: | Phonetime Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,935,500
|
| Units: | 12.9 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Agent: | First Republic Capital Corp.
|
| Pricing date: | April 8
|
| Revised: | April 30
|
| Settlement date: | May 22
|
| Stock symbol: | Toronto: PHD
|
| Stock price: | C$0.13 at close April 8
|
| Market capitalization: | C$11.3 million
|
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