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Liberty Defense Closes Oversubscribed Private Placement for $7.06M and Provides Update on Gulfstream Transaction
Vancouver, British Columbia--(Newsfile Corp. - March 20, 2019) - Gulfstream Acquisition 1 Corp...
About this update from Liberty Defense Holdings Ltd.
[{"type":"text","content":"Liberty Defense Closes Oversubscribed Private Placement for $7.06M and Provides Update on Gulfstream TransactionLiberty Defense Holdings, Inc. Closes Private Placement in Preparation for Public ListingVancouver, British Columbia--(Newsfile Corp. - March 20, 2019) - Gulfstream Acquisition 1 Corp. (TSXV: GFL.H) (\"Gulfstream\" or the \"Company\"), and Liberty Defense Holdings, Inc. (\"Liberty\", together with Gulfstream, the \"Companies\") are pleased to announce that Liberty has closed an oversubscribed private placement offering (the \"QT Financing\") for gross proceeds of approximately $7.06 million and provide an update with respect to their previously announced reverse takeover transaction (the \"Proposed Qualifying Transaction\").Commenting on the QT Financing, Liberty's Chief Executive Officer Bill Riker said: \"The completion of this financing represents a key milestone to allow us to continue to aggressively pursue the development of HEXWAVE. We were delighted to be able to increase size of the private placement to accommodate the additional interest in Liberty. With shareholder approval now received from both Companies and the financing in place we will now look to close the reverse takeover of Gulfstream prior to April 1, 2019.\"QT FinancingThe QT Financing was led by a syndicate of agents comprised of Canaccord Genuity Corp., GMP Securities L.P. (together with Canaccord Genuity Corp., the \"Co-Lead Agents\"), Haywood Securities Inc. and Jett Capital Advisors LLC (together with Co-Lead Agents, the \"Agents\").Pursuant to the terms of an agency agreement among Liberty, Gulfstream and the Agents dated March 7, 2019 (the \"Agency Agreement\"), Liberty sold 8,826,630 subscription receipts of Liberty (the \"Subscription Receipts\") at a price of $0.80 per Subscription Receipt (the \"Subscription Price\"), for gross proceeds of approximately $7.06 million. Each Subscription Receipt will, upon satisfaction of the Escrow Release Conditions (as defined below), be automatically converted into one unit of the Corporation comprised of one common share of the Corporation (a \"Common Share\") and one Common Share purchase warrant (a \"Warrant\"). Each Warrant will entitle thereof to purchase one Common Share for a period of 24 months following the date the Escrow Release Conditions are satisfied at a price of $1.10 per Common Share. ...