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Kneat Announces Closing of $12,650,978 Public Equity Financing and Concurrent $1,830,522 Non-Brokered Private Placement Equity Financing
Kneat Announces Closing of $12,650,978 Public Equity Financing and Concurrent $1,830,522 N...
About this update from Kneat.com, Inc.
[{"type":"text","content":"\n\n\n\nKneat Announces Closing of $12,650,978 Public Equity Financing and Concurrent $1,830,522 Non-Brokered Private Placement Equity Financing\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\nHALIFAX, March 12, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n \n \n \n \n \n \n\n \nHALIFAX, March 12, 2020 /CNW/ – kneat.com, inc. (TSXV: KSI) (\"Kneat\" or the \"Company\") is pleased to announce that it has closed its previously announced short form prospectus offering, including the full exercise of the over-allotment option. As such, a total of 6,024,275 common shares of the Company were sold at a price of $2.10 per common share (the \"Issue Price\") for aggregate gross proceeds of $12,650,978 (the \"Offering\"). The Offering was completed by a syndicate of underwriters co-led by Cormark Securities Inc. and Canaccord Genuity Corp., and including Echelon Wealth Partners Inc. and Mackie Research Capital Corporation (collectively, the \"Underwriters\").\nThe Company also completed the non-brokered private placement of 871,677 common shares of the Company at the Issue Price for aggregate gross proceeds of $1,830,522 (the \"Private Placement\"). The common shares issued pursuant to the Private Placement are subject to a statutory four month hold period in accordance with applicable securities laws. \nIn connection with the Offering, the Company paid the Underwriters cash fees totalling $684,058 and issued 318,599 broker warrants, with each broker warrant exercisable into a common share at an exercise price of $2.10 per share for a period of 24 months.  In connection with the Private Placement, the Company paid cash finders fees totalling $109,831 and issued 52,301 broker warrants, with each broker warrant exercisable into a common share at an exercise price of $2.10 per share for a period of 24 months.  \nThe Company intends to use the net proceeds of the Offering and the Private Placement for growth initiatives, working capital and...