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Provider: Reuters Investment Profile
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Provider: GlobalData
$125.00
Provider: GlobalData
$125.00
Provider: GlobalData
$125.00

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Lignol Energy Corp Announces Closing Of Oversubscribed Private Placement Of $4.515 Million And Conversion Of $2.246 Million Convertible Debenture


Monday, 17 Dec 2012 10:09am EST 

Lignol Energy Corp announced that it has closed its previously announced private placement for gross proceeds of $4,515,040.50 (the Offering). Also, in connection with the Offering, Wasabi Energy Limited converted the $2,245,770 convertible debenture it held resulting in the issuance of 14,971,800 common shares of the Company at an exercise price of $0.15 per share. Interest payable under the convertible debenture was settled in cash on the date of the closing of the Offering. Canaccord Genuity Corp. (Canaccord or the Agent) was engaged to sell up to 26,666,667 Units (the Units) of the Company at a price of $0.15 per Unit (the Issue Price) for aggregate gross proceeds of up to $4,000,000 with an option granted to the Agent to offer up to an additional 6,666,667 Units at the Issue Price for additional gross proceeds of $1,000,000 . The selling group in the Offering included Global Securities Corp. and Haywood Securities Inc. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each whole Warrant allows the subscriber to purchase one additional common share of the Company for a period of two years from the date of closing at an exercise price of $0.20 per share. LEC intends to use the net proceeds from the Offering to fund general working capital and other corporate purposes. 

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22 Jul 2014