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Kneat Announces $11 Million Overnight Marketed Equity Financing
Kneat Announces $11 Million Overnight Marketed Equity Financing Canada NewsWire ...
About this update from Kneat.com, Inc.
[{"type":"text","content":"\n\n\n\nKneat Announces $11 Million Overnight Marketed 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, Feb 27, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n HALIFAX, Feb 27, 2020 /CNW/ - kneat.com, inc. (TSXV: KSI) (\"Kneat\") is pleased to announce that, in connection with its previously announced overnight marketed offering, it has entered into an underwriting agreement with 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\"), to sell 5,238,500 Common Shares of the Company (\"Securities\") at a price of $2.10 per Security for aggregate gross proceeds of $11,000,850 (the \"Offering\").\nKneat will shortly file an amended and restated preliminary short form prospectus with the securities commissions in all of the provinces of Canada, other than Québec, to reflect the terms of the Offering. \nKneat has granted the Underwriters an option (the \"Over-Allotment Option\") to purchase up to an additional 785,775 of Securities on the same terms as the Offering for additional gross proceeds of $1,650,128, exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any. \nIn addition, the Company intends to complete a concurrent non-brokered private placement of approximately $2.5 million to certain shareholders (the \"Concurrent Private Placement\"). The Securities issuable pursuant to the Concurrent Private Placement will be on the same terms as those issuable pursuant to the Offering, except that they will be subject to a statutory four month hold period in accordance with applicable securities laws. \nClosing of the Offering and the Concurrent Private Placement is expected to occur on or about March 12, 2020 and is subject to regulatory approval, including that of the TSX Venture...