News. Private placement completed
Surefire Commerce Completes $21 Million Financing
MONTREAL, Feb. 17 /CNW-PRN/ - SureFire Commerce Inc. (TSE:MTP - news) announced today that it has completed the private placement of 3,500,000 special warrants previously announced on February 3, 2000 through an underwriting syndicate led by CIBC World Markets Inc., which exercised its over-allotment option in respect of 500,000 special warrants. The aggregate gross proceeds realized by the Company, before deducting commissions and expenses, was $21,000,000. The special warrants will be exercisable by their holders, without further payment, into common shares of the Company, on the basis of one common share for each special warrant held.
Two-thirds of the net proceeds of the offering were released to the Company upon closing, with the remaining one-third to be released upon the clearing of the final prospectus qualifying the common shares issuable upon the exercise of the special warrants.
As previously announced, this financing, together with the Company's already existing cash reserves, will enable it to accelerate the expansion of its mission critical, fault tolerant web-hosting infrastructure, enhance its call centre to handle anticipated increases in volumes from merchants going online and increase its number of developers and coders.
SureFire Commerce Inc. offers small- and medium-sized businesses end-to-end e-commerce solutions using proprietary technology in the areas of transaction processing and merchant enabling. The Company is headquartered in Montreal, Canada.
Sal, I'm speculating that they are preparing the way for a bunch of deals in process. They are anticipating an increase in volume of merchants! |
