Lateral Capital (LCP-V) closes offering for $3.06-million
Nov 22, 2012 - News Release
Lateral Capital Corp. has closed its previously announced brokered private placement offering of a total of 21,917,269 common shares, including the issuance of 488,697 common shares pursuant to the exercise of an overallotment option, at a price of 14 cents per common share, for total gross proceeds of $3,068,417. The net proceeds from the private placement will be used for working capital purposes.
The private placement was co-led by Stonecap Securities Inc. and Wolverton Securities Ltd. The co-lead agents received a cash commission of 10 per cent of the gross proceeds of the private placement and broker warrants equal to 10 per cent of the number of common shares issued pursuant to the private placement. A total of 2,191,727 broker warrants were issued to the co-lead agents, which entitle the co-lead agents to acquire common shares of the corporation at a price of 14 cents for a period of 24 months from the closing date.
The common shares are subject to a statutory hold period ending on March 23, 2013. |
