Business
Lemontonic Inc. Announces Closing of Private Placement
Lemontonic Inc. Announces Closing of Private Placement.
About this update from Pioneering Technology Corp.
[{"type":"text","content":"\n\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\nTSX VENTURE: LEM\n\nTORONTO, Nov. 7 /CNW/ - Lemontonic Inc. (\"Lemontonic\" or the\n\"Corporation\") (TSX Venture: LEM) today announced that it has closed its\npreviously announced private placement (the \"Private Placement\"). The\nCorporation issued 20,533,130 subscription receipts, convertible into units\n(the \"Units\"), for gross proceeds to the Corporation of $1,231,988. Each Unit\nconsists of one Class A share (the \"Share\") of the Corporation and one share\npurchase warrant (the \"Warrant\"). Each Warrant will entitle the holder to\npurchase one Share at a price of $0.10 for a period of two years from the date\nof issuance. The Units and the underlying Shares and Warrants are subject to a\nhold period of four months and one day.\nIn connection with the Private Placement, Research Capital Corporation\nand various sub-agents were paid an aggregate commission of 8% of the gross\nproceeds raised and were granted brokers' options (\"Brokers' Option\")\naggregating 10% of the total number of Units sold. Each Brokers' Option was\ngranted on the same terms as the Units.\nThe proceeds from the Private Placement will be held in escrow until the\nearlier of (a) the concurrent closing of the amalgamation with Pioneering\nTechnology Inc., (b) four months from the date hereof, or (c) three days after\nreceipt of the election of the subscriber to receive units of Lemontonic.\nThe Corporation intends to use the funds for general working capital.\n\nThe TSX Venture Exchange Inc. has neither approved nor disapproved the\ncontents of this press release.\n\n%SEDAR: 00015147E\n\n\n","length":1691,"tagName":"div"}]