Eguana closes offering for $6-million
2016-06-30 17:26 ET - News Release
Mr. Justin Holland reports
Eguana Technologies Inc. has closed an offering of 27,272,728 common shares in the capital of the corporation for aggregate gross proceeds of $6-million. The common shares were issued pursuant to a short-form prospectus dated June 27, 2016.
Pursuant to the terms of an agency agreement between the corporation and Mackie Research Capital Corp. (the agent) dated June 27, 2016, the agent received compensation options equal to 7.5 per cent of the total number of common shares sold in the offering. Each compensation option may be exercised by the holder thereof for one additional common share at an exercise price of 22 cents per share until June 30, 2018. In addition, the agent received a cash commission equal to 7.5 per cent of the gross proceeds raised in the offering. BayFront Capital Partners Ltd. acted as a selling group member in connection with the offering.
Net proceeds of the offering will be used to provide greater supply chain and production flexibility, expand product development capabilities, and improve the corporation's balance sheet, along with general corporate purposes, as more fully described in the prospectus.
We seek Safe Harbor.