By Sheri Kasprzak
New York, Feb. 13 - WellPoint Systems Inc. said it intends to raise C$4 million in a private placement through agent Northern Securities Inc.
The offering includes up to 8 million units of one share and one half-share warrant. The whole warrants are exercisable at C$0.62 each for two years.
Northern Securities has an over-allotment option for up to 2 million additional units.
The deal is slated to close March 3.
Proceeds will be used for WellPoint's acquisition of Ideas International, Inc., a company that develops financial software. The rest will be used for working capital.
Based in Calgary, Alta., WellPoint develops software and services for managing operations in the energy sector.
| Issuer: | WellPoint Systems Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4 million (maximum)
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| Units: | 8 million (maximum)
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| Greenshoe: | For up to 2 million units
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.62
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| Placement agent: | Northern Securities Inc.
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| Pricing date: | Feb. 13
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| Settlement date: | March 3
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| Stock symbol: | TSX Venture: WPS
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| Stock price: | C$0.58 at close Feb. 10
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