ZipLocal to raise up to C$10 million from sale of special warrants

By Laura Lutz

Des Moines, June 14 - ZipLocal Inc. arranged a private placement of special warrants with a maximum deal size of about C$10 million.

Each special warrant will be exchangeable for one common share.

The price per warrant has not been set.

GMP Securities LP, the lead agent, has a greenshoe for up to about C$1.5 million of additional special warrants.

The syndicate of agents will also include Orion Securities Inc., Canaccord Securities Inc. and Cormark Securities Inc.

Members of the J.L. Albright Ventures group of funds have agreed to purchase 15% of the special warrants if at least C$5 million is raised from the full placement.

Toronto-based ZipLocal maintains a business directory.

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