Business
iFabric Withdraws Public Offering of Units and Launches Private Placement of Subscription Receipts
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ST...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Withdraws Public Offering of Units and Launches Private Placement of Subscription ReceiptsNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESMARKHAM, ON / ACCESSWIRE / January 20, 2021 / iFabric Corp. (TSX:IFA) (the \"Company\") announced today that it has made the decision to withdraw its previously announced public offering of units and instead proceed with a private placement of subscription receipts (\"Subscription Receipts\"), the details of which are set forth below. The decision was made in order to provide the Company with additional time to clear the prospectus associated with the financing and to ensure the financial statements for the Company's interim period ended December 31, 2020 can be included therein.In light of the withdrawal of the public offering of units, the Company is pleased to announce that it intends to raise up to $10,000,000 (or up to $11,500,000 if the Agents' Option (as defined below) is exercised in full) by way of a private placement of subscription receipts (\"Subscription Receipts\") on a \"best efforts\", agency basis (the \"Offering\"). The Offering will be conducted through a syndicate of agents led by Stifel GMP (collectively the \"Agents\").The Company has granted the Agents an over-allotment option (the \"Agents' Option\"), exercisable in whole or in part, at any time and from time to time up to 48 hours prior to the Closing Date (as defined below), to increase the size of the Offering by up to 15% of the number of Subscription Receipts sold pursuant to the Offering, on the same terms and conditions as the Offering.Pursuant to the proposed Offering, the Company will issue Subscription Receipts at a price of $3.90 per Subscription Receipt. The Subscription Receipts shall be issued pursuant to a subscription receipt agreement (the \"Subscription Receipt Agreement\") to be entered into on the Closing Date (as defined below) among the Company, Stifel GMP and the subscription receipt agent. Each Subscription Receipt shall be deemed to be automatically converted into one unit of the Company (each, a \"Unit\") upon a receipt being issued by the securities regulatory authorities in the each of the provinces and territories of Canada, except Quebec, for a final short form prospectus of the Company (the \"Qualifying Prospectus\") qualifying the s...