By Angela McDaniels
Tacoma, Wash., March 16 – UGE International Ltd. said it raised C$1.78 million in a non-brokered private placement of units.
The company announced plans for the placement on Feb. 27. It had planned to raise between C$1.05 million and C$1.5 million.
The company sold 1,189,834 units of one common share and one half-share warrant at C$1.50 per unit.
Each whole warrant will be exercisable at C$1.80 for one year. The strike price is an 11.11% premium to the Feb. 26 closing share price of C$1.62.
Proceeds will be used for working capital to procure goods to fulfill orders.
“The proceeds of this private placement will boost our capital position to ensure successful deployment of our growing order backlog,” chief executive officer Nick Blitterswyk said in a prior press release.
The Toronto company develops modular renewable energy generation systems, such as solar and wind systems, for business and government clients.
| Issuer: | UGE International Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,784,751
|
| Units: | 1,189,834
|
| Price: | C$1.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.80
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 16
|
| Stock symbol: | TSX Venture: UG
|
| Stock price: | C$1.62 at close Feb. 26
|
| Market capitalization: | C$59.86 million
|
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