Deal funds commercialization, business development and working capital
By Devika Patel
Knoxville, Tenn., Dec. 6 - Prosep Inc. said it will conduct a C$4.23 million private placement of units with Truffle Capital SAS.
The company will sell 61,909,921 units of one common share and 0.4 warrants at C$0.06825 per unit, with each whole warrant exercisable at C$0.06825 for two years. The strike price reflects a 36.5% premium to the Dec. 5 closing share price of C$0.05.
Settlement is expected Dec. 15.
Proceeds will be used for commercialization, business development and general working capital.
Montreal's Prosep designs, develops, manufactures and commercializes process products to treat produced water, oil and gas for the upstream oil and gas industry.
| Issuer: | Prosep Inc.
|
| Issue: | Units of one common share and 0.4 warrants
|
| Amount: | C$4,225,352
|
| Units: | 61,909,921
|
| Price: | C$0.06825
|
| Warrants: | 0.4 warrants per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.06825
|
| Investor: | Truffle Capital SAS
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 15
|
| Stock symbol: | Toronto: PRP
|
| Stock price: | C$0.05 at close Dec. 5
|
| Market capitalization: | C$17.81 million
|
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