Hemisphere GPS Inc., a leading designer and manufacturer of advanced GPS products is pleased to announce that it closed the previously announced bought-deal private placement of 5,555,600 special warrants issued at a price of $3.15 per Special Warrant for total gross proceeds of $17,500,140.
Canaccord Adams led the underwriting syndicate, which also included Wellington West Capital Markets Inc., Haywood Securities Inc., Paradigm Capital Inc., PI Financial Corp. and Research Capital Corporation.
Each Special Warrant will be automatically exercised for common shares on the earlier of: (i) the business day after the date on which a receipt has been issued by applicable Canadian securities regulatory authorities for a final prospectus qualifying the distribution of the common shares issuable upon exercise of the Special Warrants; and (ii) 120 days following the closing date.
Proceeds from the private placement will be used in part to pay down bank facilities utilized to fund a portion of the cash proceeds for the recent acquisition by Hemisphere GPS of the securities of BEELINE Technologies Pty Ltd. The balance of the proceeds will be used for general corporate purposes. -- www.cnxmarketlink.com
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
