RE:RE:RE:PP tranche closedMy questions at the bottom.
Thanks.
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Sensio closes $2.04-million first tranche of placement 2013-10-04 09:27 ET - News Release
Mr. Nicholas Routhier reports
SENSIO ANNOUNCES FIRST TRANCHE CLOSING OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT FOR $2.04 MILLION
Sensio Technologies Inc. has completed the first tranche of the previously announced brokered private placement for 20.4 million units of the corporation at a price of 10 cents per unit for aggregate gross proceeds of $2.04-million. The offering has been made on a commercially reasonable efforts basis by Global Maxfin Capital Inc.
Each unit comprises one common share of the corporation and one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of the corporation at a price of 18 cents per common share until 5 p.m. (Montreal time) on Oct. 4, 2015.
Sensio intends to use the net proceeds of the offering for business development, general working capital purposes, and for further business development, namely for the expansion of 3DGO! to more devices, porting to new platforms and further content acquisition.
The president and chief executive officer, the chief financial officer and the chief business development officer of the corporation have subscribed for a total of 2.6 million units under the offering of which 2.45 million were subscribed by the president and chief executive officer. The president and chief executive officer of the corporation had previously sold a total of 2.45 million common shares of the corporation from his personal shareholdings to facilitate the execution of the offering. In consideration for the purchase of such shares, he delivered 2.45 million warrants to the purchasers from the units he acquired. The chief executive officer's net shareholding position after both transactions remains unchanged. The chief executive officer has also subscribed to an additional 100,000 units which will be part of the next tranche closing.
Caisse de depot et placement du Quebec subscribed for six million units. The subscription provides the Caisse the right to include in the list of candidates for the director position proposed by the corporation, in its management proxy circular, a candidate that is independent under applicable securities laws. The subscription also provides certain anti-dilution rights to allow the Caisse to maintain its pro rata ownership in connection with future treasury offerings by the corporation. These rights will be granted as long as the Caisse holds a minimum of 10 per cent of the corporation's outstanding common shares.
All securities issued under the offering have been issued pursuant to exemptions from the prospectus requirements of applicable securities laws and are subject to a four-month-plus-one-day statutory hold period ending on Feb. 5, 2014. For services rendered in connection with the offering, the corporation has paid the agent a cash commission of $112,950 and has granted to the agent non-transferable broker warrants entitling the agent to acquire 1,005,000 common shares of the corporation at a price of 10 cents per share until 5 p.m. (Montreal time) on Oct. 4, 2015.
"We are grateful for the continued trust and support we enjoy from our existing and new investors," said Nicholas Routhier, president and chief executive officer of Sensio. "Management's participation in this financing demonstrates the level of confidence we have in our business plan and demonstrates our commitment to the company above and beyond our everyday efforts. Based upon the interest demonstrated by the market, it is our intention to finalize the financing in the coming weeks and to go up to the maximum offering."
We seek Safe Harbor.
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On the yellow.
I still can`t figure what we did gain from this,Routhier sells in the open market to buy on to the PP.
Why would anybody buy 2.45 million shares at 0.10 when you can buy them on the PP with an extra warrant?.
Then says that Routhier will give his warrants to the buyers.
Which buyers ?, divided by all of them or just the ones that bought 2.45 million shares?.
I don`t see nothing more than a complicated deal.
WE still get the dilution one way or the other, and they are still going for the full 25 million.
Who bought the 2.45 million in the open market ??.
Without Routhier sell-buy we still were in the 18 million first tranche, meaning they really want the 25 million, something I`m against at these prices, maybe I`m being bias and don`t see deeper.
On the blue.
I`m glad the Caisse is protecting themselves and hopefully we`ll get at least a small voice on the BOD.
On the brown.
Global Maxfin did extremely well.
For those that wanted this is good news.
I see deep dilution.
Harder climb.
If there`s anything new out there they sure are keeping it tight.
I hope they use this money right and won`t be in the same boat at this time next year.
TAKE THIS AS MY LAST POST FOR A WHILE.
I WILL SEAT IN THE BLEACHERS ,NEED A REST.
I KNOW LOTS OF PEOPLE WILL BE HAPPY.
GOOD LUCK GUYS, WE ALL NEED IT.