By Devika Patel
Knoxville, Tenn., March 2 - xRM Global Inc. settled the first tranche of a non-brokered private placement of units, raising C$723,999. The deal priced on Nov. 4 and was reduced to C$3 million from C$13 million on Jan. 18, when the company said it would sell units instead of shares.
The company is selling 4,615,385 units at C$0.65 each. It sold 1,113,845 units in the first tranche and 515,385 units in this one.
Each unit consists of one common share and one warrant, and the warrants are exercisable for one year at a price of C$0.80.
The placement will be completed in several tranches, and the last tranche is expected to close on March 19.
Proceeds will be used for expansion and general working capital purposes.
Toronto-based xRM develops and sells client-relationship management software.
| Issuer: | xRM Global Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$3 million
|
| Units: | 4,615,385
|
| Price: | C$0.65
|
| Warrants: | One per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.80
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 4
|
| Amended: | Jan. 18
|
| Settlement date: | Jan. 26 (for C$723,999), March 2 (for C$335,000), March 19
|
| Stock symbol: | TSX Venture: XRM
|
| Stock price: | C$0.80 at close Nov. 4
|
| Market capitalization: | C$16.9 million
|
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