RE:TransGaming decreases unit offering to $4-millionmbanx wrote:
2014-02-18 18:00 ET - News Release Mr. Dennis Ensing reports TRANSGAMING ANNOUNCES EXECUTION OF AGENCY AGREEMENT AND REPRICING OF PROSPECTUS OFFERING TransGaming Inc., in connection with its previously announced public offering of units of the company, has executed an agency agreement with Global Maxfin Capital Inc. and Jacob Securities Inc., dated today. The terms of the Agency Agreement included a revision to the price of the Offering such that each Unit will have an issue price of $0.21 per Unit. As previously announced, each Unit will be comprised of one common share of the Company (a "Unit Share") and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder thereof to acquire one common share of the Company (a "Warrant Share"), for a period of twenty-four (24) months at an exercise price of $0.33. Pursuant to the Agency Agreement, the Company intends to issue up to 19,047,619 Units for gross proceeds of up to $4,000,000. The Company has also granted the Agents an option, (the "Over-Allotment Option") to cover over-allotments and for market stabilization purposes, exercisable in whole or in part, until the date that is 30 days after the date of closing of the Offering, to sell up to 2,857,143 additional Units at a price of $0.21 per Unit for additional gross proceeds to the Company of up to $600,000. The Company has applied and has been conditionally approved to list the Unit Shares and the Warrant Shares issuable on exercise of the Warrants on the TSX Venture Exchange (the "TSXV"). Listing will be subject to satisfying customary post-closing requirements of the TSXV. The Offering is expected to close on or about February 21, 2014. The Company intends to use the net proceeds of the Offering to pay certain indebtedness, for general corporate purposes and to leverage its previous investment in research & development and launch a source-based portability technology later this year.
so the pain isnt over yet then? this stock will still be dropping??? AWESOME!!!