Jemi Fibre (JFI-V) May 23, '14 has repriced the company's financing, which was previously announced on Feb. 13, 2014. In connection with this financing, the company is undertaking a non-brokered private placement to sell up to 16 million units at a price of 18.75 cents per unit for aggregate proceeds of up to $3-million.
Each unit consists of one common share of the company and one full share purchase warrant. Each warrant will entitle the purchaser to purchase an additional common share at a price of 25 cents per share for a period of five years following the closing of the offering. The net proceeds of the offering will be used to meet a condition of the closing of the acquisitions, which were previously announced on Feb. 13, 2014, and for general working capital purposes.
It is anticipated that insiders, as that term is defined under the policies of the TSX Venture Exchange, will subscribe for units in the offering.
The securities issued under the offering will be subject to a four-month hold period from the date of closing of the offering.
Concurrent with the closing of the offering, the company intends to exchange up to $225,000 of debt owed to certain management of the company into common shares of the company at a price of 18.75 cents per share.
The offering and the shares-for-debt exchange are subject to the approval of the exchange. The exchange has granted conditional approval of the acquisitions.
Upon completion of the acquisitions, the offering and the shares-for-debt exchange, the company anticipates that it will have 47,995,304 common shares issued and outstanding.
The company is proceeding to attend to the closing of the above-noted transactions. |
