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AcuityAds Announces a Non-Brokered Private Placement for up to $2.3 Million and a Debt Conversion of $1.1 Million
AcuityAds Announces a Non-Brokered Private Placement for up to $2.3 Million and a Debt Con...
About this update from Illumin Holdings Inc.
[{"type":"text","content":"\n\n\n\nAcuityAds Announces a Non-Brokered Private Placement for up to $2.3 Million and a Debt Conversion of $1.1 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 13, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Dec. 13, 2017 /CNW/ - AcuityAds Holdings Inc. (\"AcuityAds\"), (TSXV:AT) (\"AcuityAds\" or the \"Company\"), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across video, mobile, social and online display campaigns, today announced that it proposes to complete a non-brokered private placement (the \"Offering\") of common shares (\"Common Shares\") to raise aggregate proceeds of up to $2.3 million.\n\nIn addition, the Company has reached an agreement to convert a portion of its debt to equity.  The Company has agreed with certain lenders under its subordinated term loan (the \"Term Loan\") that was extended as of November 10, 2017 to convert approximately $1.1 million of the amount owing to them into Common Shares at a price per Common Share that is equal to the issue price under the Offering (the \"Debt Conversion\").  Accordingly, for every $1,000 of Term Loan being converted, those lenders will receive 667 Common Shares.\n\nThe Common Shares to be issued under the Offering and in connection with the Debt Conversion will have a price of $1.50 per Common Share.  The net proceeds will be used for general working capital and corporate purposes. \n\nCertain members of the Board of Directors and Management will be participating in the Offering and Debt Conversion.  Insiders may subscribe for more than 25% of the Offering.\n\nAcuity has agreed to pay to eligible finders assisting in the Offering a cash fee equal to 5% of the gross proceeds raised by such finders.\n\nClosing of the Offering and the Debt Conversion is expected to occur on or about December 18, 2017. The Offering and the Debt Conversion remain subj...