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Carmanah Technologies Corp Announces $6 Million Rights Offering


Tuesday, 17 Sep 2013 06:43pm EDT 

Carmanah Technologies Corp announced that it has filed a preliminary prospectus and will file a registration statement in respect of a proposed shareholder rights offering (the Offering). Under the Offering, Carmanah will seek to raise up to approximately $6 million. The proceeds from the Offering will be used for funding operating expenses and other general working capital needs. Under the proposed terms of the Offering and subject to any restrictions imposed by applicable securities laws, each shareholder would be entitled to receive one right (each a Right) for each common share held of record on the applicable record date. Carmanah expects that each Right will be exercisable for one common share at a subscription price of $0.12 (each a Rights Share). The price to acquire each Right will be nil. The final terms of the Offering, including the exercise price for the Rights and the number of Rights being issued for each common share will be determined and disclosed in the final prospectus relating to the Offering. In connection with the Offering, Carmanah has executed a non-binding letter of intent dated September 16, 2013 (the Letter of Intent) with a group of investors (collectively, the Standby Purchasers, and each a Standby Purchaser) in which each Standby Purchaser has indicated that it expects to enter into a binding standby commitment (the Standby Purchase Agreement) prior to the filing of the final prospectus relating to this Offering. 

Company Quote

2.61
0.03 +1.16%
26 Sep 2014