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Cinaport and Mettrum Announced Closing of $34.5 Million Concurrent Financing to the Qualifying Transaction
Toronto, Ontario--(Newsfile Corp. - July 29, 2014) - Cinaport Acquisition Corp. (TSXV: CPQ....
About this update from M3 Metals Corp.
[{"type":"text","content":"\nCinaport and Mettrum Announced Closing of $34.5 Million Concurrent Financing to the Qualifying TransactionToronto, Ontario--(Newsfile Corp. - July 29, 2014) - \n Cinaport Acquisition Corp. (TSXV: CPQ.H) (\"Company\"), a capital pool company listed on the NEX board of the TSX Venture Exchange (the \"Exchange\") and Mettrum Ltd. \n(\"Mettrum\"), are pleased to announce that Mettrum has completed its previously announced brokered private placement (the \"Private Placement\").\n\nCormark Securities Inc. (as lead agent), GMP Securities L.P., Paradigm Capital Inc. and Jacob Securities Inc. (collectively, the \"Agents\") acted as agents for the Private Placement. Pursuant to the Private Placement, Mettrum \nissued 13,800,000 subscription receipts (the \"Subscription Receipts\") at a price of $2.50 per Subscription Receipt for aggregate gross proceeds of $34.5 million, after giving effect to the full exercise of the \nover-allotment option granted to the Agents in connection with the Private Placement.\n\nIn connection with the Private Placement, Mettrum has agreed to pay the Agents a cash commission (the \"Cash Commission\") representing 6.0% of the gross proceeds of the Private Placement. In addition, Mettrum issued to the Agents \nnon-transferrable warrants (the \"Broker Warrants\") representing 6.0% of the number of Subscription Receipts sold under the Private Placement. The Broker Warrants will be exercisable at a price of $2.50 per common share of \nMettrum at any time after the Escrow Release Conditions (as described below) are satisfied and on or before the date that is 24 months after the date hereof. \n\nThe Private Placement was completed in connection with the previously announced Qualifying Transaction between the Company and Mettrum. Subject to approval by the Exchange, the Qualifying Transaction will be completed by way of a three-cornered \namalgamation whereby Mettrum will amalgamate with a wholly-owned subsidiary of the Company. As further described below, shareholders of Mettrum will receive one common share of the Company for one common share of Mettrum upon closing of the \nQualifying Transaction, after giving effect to a consolidation of the common shares of the Company on a 14.5625 to 1 basis (the \"Share Consolidation\"), or such other ratio as may be required by the Exchange and approved by Cormark \nSecuritie...