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Nightingale Informatix Corp Announces Private Placement

Thursday, 21 Nov 2013 12:36pm EST 

Nightingale Informatix Corp announced its intention to complete a non-brokered private placement of one unsecured convertible note (the Note) in the principal amount of $2,500,000; and up to 2,000,000 common shares of the Corporation (the Common Shares) priced at $0.25 per Common Share (the Private Placement). The Note will be purchased by Brian Schachter, the Chairman of the Board of Directors of Nightingale (the Purchaser), and is convertible into Common Shares at a price of $0.25 per Common Share (the Conversion Price) for a total potential issuance of 10,000,000 Common Shares to the Purchaser upon exercise of the Note's conversion provisions. The Conversion Price reflects a discount of less than 25% from the Common Shares' current market price and is within the Discounted Market Price, as that term is defined under s. 1 of Policy 1.1 of the TSX-V Corporate Finance Manual. Should the maximum amount of Common Shares be subscribed for, in addition to the exercise of the Conversion Right, a total of 12,000,000 Common Shares will be issued by the Corporation pursuant to the Private Placement, for gross proceeds of $3,000,000. The proceeds of the Private Placement are intended to be used by the Corporation for general corporate purposes. The Note will become payable, unless otherwise converted into Common Shares, 90 days from the date of issuance, and will bear interest at a fixed annual rate of 12% payable in advance for the period ending December 31, 2013. 

Company Quote

-0.0050 -6.25%
24 Apr 2015