so potentially this puts a floor in at say $5?
LML Closes $5,000,000 Financing
VANCOUVER, British Columbia, Nov. 30 /PRNewswire/ -- LML Payment Systems Inc. (the ''Company'') (Nasdaq: LMLP - news) is pleased to announce it has closed on the $5,000,000 private placement announced on November 18, 1999 with four institutional investors at a purchase price of $5.00 per share. The Company also agreed to pay a 10% finders fee through the issuance of an additional 100,000 shares. Both the offering and finders fee have been made pursuant to Regulation S.
The Company, through its ChequeMARK group of subsidiaries, is a payments processor specializing in processing checking transactions electronically and owns U.S. Patent No. 5,484,988 with regard to a ''Checkwriting Point of Sale System'' which, through a centralized database and authorization system, is capable of providing and administering various electronic payment services for consumers and businesses.
SOURCE: LML Payment Systems, Inc.
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