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Provider: Thomson Reuters Stock Report
Provider: Reuters Investment Profile
Provider: Cantor Fitzgerald Canada
Provider: Wright Reports

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Redline Communications Group Inc Announces $10 Million Bought Deal Private Placement

Tuesday, 9 Jul 2013 08:20am EDT 

Redline Communications Group Inc announced that it has entered into an agreement with a syndicate of underwriters led by Cantor Fitzgerald Canada Corporation and including Cormark Securities Inc., Stifel Nicolaus Canada Inc., Byron Capital Markets Ltd. and Canaccord Genuity Corp. (collectively the Underwriters) in connection with a bought deal private placement of 1,667,000 units of the Company (each, a Unit) at a price of $6.00 per Unit (the Issue Price) for aggregate gross proceeds to the Company of $10,002,000 (the Offering). Each Unit shall be comprised of one common share of the Company (each, a Common Share) and one-half (1/2) Common Share purchase warrant (each, a Warrant). Each whole Warrant shall be exercisable to acquire an additional Common Share (each, a Warrant Share) at an exercise price of $8.00 per Warrant Share for a period of 24 months following the closing of the Offering. The Company has also granted the Underwriters an option (the Underwriter's Option), exercisable in whole or in part up to 48 hours prior to closing of the Offering, to purchase up to an additional 530,000 Units at the Issue Price. If the Underwriter's Option is exercised in full, the total gross proceeds of the Offering to the Company will be $13,182,000. The proceeds of the Offering will be used by the Company to assist in the implementation of Redline's growth strategy including product development, working capital and general corporate purposes. 

Company Quote

-0.06 -2.09%
10:10am EST