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Cortex Business Solutions Inc Announces $4,000,000 Bought Deal Equity Financing

Wednesday, 13 Mar 2013 03:14pm EDT 

Cortex Business Solutions Inc announced that it has entered into an agreement with Cormark Securities Inc. (the Underwriter) pursuant to which the Underwriter has agreed to buy and sell to the public 21,625,000 units (the Units) of the Company at a price of $0.185 per Unit (the Offering Price), for gross proceeds to the Company of $4,000,000 (the Offering). Each Unit will consist of one common share of Cortex (a Common Share) and one-half of one common share purchase warrant (each full warrant, a Warrant), each full Warrant being exercisable to acquire one common share of Cortex at a purchase price of $0.23125 for a period of 36 months following the closing of the Offering. The Underwriter will also have an over-allotment option, exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 15% of the Units sold in the Offering (which may be in any combination of Common Shares and Warrants). In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering will be $4,600,000. Closing of the Offering is expected to occur on or about April 4, 2013 and is subject to regulatory approval including that of the TSX Venture Exchange. The net proceeds of the Offering will be used for U.S. expansion, and for general corporate and working capital purposes. 

Company Quote

-0.0050 -5.00%
27 Jan 2015