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Cortex Business Solutions Inc Increases Bought Deal Financing to $7.2 Million

Tuesday, 19 Mar 2013 01:32pm EDT 

Cortex Business Solutions Inc announced that it has increased its previously announced "bought deal" financing to 38,920,000 units (the Units) of the Company. Cormark Securities Inc. (the Underwriter), on its own behalf has agreed to purchase an additional 17,295,000 Units at the same purchase price of $0.185 per Unit (the Offering Price) for additional gross proceeds of $3,199,575. Total gross proceeds of the Offering are now $7,200,200 (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. In addition, the Company has granted the Underwriters an over-allotment option to purchase up to an additional 5,838,000 Units (representing 15% of the total up-sized Offering which may be in any combination of Common Shares and Warrants) at the Offering Price exercisable within 30 days after the closing of the Offering for additional gross proceeds in the amount of up to $1,080,300. 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

0.015 +17.65%
19 Dec 2014