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Loyalist Group Ltd Completes Brokered Portion of Private Placement

Tuesday, 23 Apr 2013 05:53pm EDT 

Loyalist Group Ltd announced the closing of the brokered bought deal portion of its private placement of common shares that was initially announced on April 1, 2013 (the Offering). Under the brokered portion of the Offering which was led by Cormark Securities Inc. and included Clarus Securities Inc. (collectively, the Underwriters), the Company issued 12,778,800 common shares (inclusive of the full exercise of the over-allotment option) at a price of $0.54 per share for aggregate gross proceeds of $6,900,552. Under the Offering, consisting of both the brokered and non-brokered portion which closed on April 18, 2013, 24,453,365 common shares were issued for total gross proceeds of $13,204,817. In connection with the brokered portion of the Offering, the Company paid a cash commission equal to 6% of the gross proceeds raised and issued to the Underwriters that number of warrants (the Broker Warrants) equal to 5% of the number of common shares sold. Each Broker Warrant entitles the Underwriters to purchase one common share of the Company at a price per share equal to $0.54 for a period of 18 months following the date hereof. The Company intends to use the proceeds of the Offering for increased sales and marketing activities, working capital and general corporate purposes and for potential acquisitions. Pursuant to applicable Canadian securities laws, the securities issued on the date hereof will be subject to a hold period until August 24, 2013. 

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24 Jul 2014