ZAIO CORPORATION (TSX-V: ZAO) announced that its private placement financing previously announced on December 6, 2007 has closed. The financing placed 13,650,000 Units at a price of $1.10 per Unit for gross proceeds of $15,015,000. Clarus Securities Inc. and Oppenheimer & Co. Inc. acted as co-lead agents in connection with the Offering.
Each Unit consists of one common share in the capital of the Company and one-half of one Common Share purchase warrant. Each whole Warrant entitles the holder to purchase one Common Share of the Company at an exercise price of $1.50 for a period of 24 months from the closing of the Offering.
The Agents received an aggregate cash commission equal to 7% of the gross proceeds of the Offering and were granted a number of compensation options equal to an aggregate of 7% of the total number of Units sold pursuant to the Offering. Each compensation option entitles the holder thereof to acquire one Unit at an exercise price of $1.10 per Unit on the same terms and conditions of the Offering, for a period of 24 months from the closing of the Offering.
Net proceeds of the financing will be used by the Company to accelerate photography and data gathering operations throughout the United States to facilitate the establishment of a complete national footprint of site-verified real estate information and imagery, as well as for working capital and general corporate purposes.
About Zaio
Zaio develops and maintains a site-verified database of photos, valuations and property information of virtually every property in entire cities, using a proprietary "GeoScore" property rating system. Zaio and its network of premiere, local appraiser experts photograph and appraise entire cities, one building at a time from the street. Zaio is a public Company that trades under the symbol "ZAO" on the TSX Venture Exchange in Canada. Zaio shares are also available in the U.S. under the trading symbol "ZAOFF". -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
