Canada : Verisante Technology, Inc. Announces Brokered Private Placements.
Each unit will comprise of one common share and one common share purchase warrant (the Warrants ). Each Warrant will entitle the holder to purchase one common share at a price of $0.70 per share with an expiry date of 24 months from the closing of the Offerings.
The Warrants shall have two call provisions whereby in the event the volume weighted average trading price of Verisante s common shares on the TSX Venture Exchange (the Exchange ) is equal to or greater than $1.00 for 10 consecutive trading days, the Company will have the right to accelerate the expiry date of 50% of the total Warrants issued under the Offerings to a date that is 30 days after Verisante issues a news release announcing that it has elected to exercise this acceleration right. Under the second call provision, in the event the volume weighted average trading price of Verisante s common shares on the Exchange is equal to or greater than $1.25 for 10 consecutive trading days, the company will have the right to accelerate the expiry date of remaining 50% of the total Warrants issued under the Offerings to a date that is 30 days after Verisante issues a news release announcing that it has elected to exercise this acceleration right.
Closing of the Offerings are scheduled to occur on or before April 30, 2013 or at any other such time as the Company and each Agent may agree, subject to the approval of the Exchange, the Agents satisfactory due diligence, and other customary conditions. The securities to be issued in connection with the Offerings will be subject to a four month statutory hold period.
These securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from the U.S. registration requirements.
2013 Al Bawaba (Albawaba.com)
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|Date:||Feb 28, 2013|
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