An announcement about the raising of fresh capital is almost always seen as a major development at any company, and following the announcement from VIOR Inc. (OTC:VIORF) last Thursday, the company could come into focus this morning. On March 28, the company announced that it had been successful in concluding the previously announced best efforts at private placement. The placement had been led by the lead agent and solitary bookrunner, Eight Capital.
The other agents who participated in the private placement were Leede Jones Gable Inc., PI Financial Corp., Red Cloud Securities Inc., Cormack Securities Inc., and Canaccord Genuity Corp. The company also releases the relevant details about the private placement, and it could be a good idea to take a look into those. VIOR issued 30,000,000 units in the corporation, known as hard units, for $0.125 each, 19,840,000 subscription receipts for the issue price of $0.125 each, and 58,800,000 flow-through units in the company, known as FT Units, for the issue price of $0.2225 each. Through the offering of the above-mentioned securities, VIOR managed to raise gross proceeds to the tune of $19,313,000.
In the news release, it was noted that each hard unit in the company was made up of one common share in VIOR and half of a common share purchase warrant in the company. Those in possession of one whole share purchase warrant would be entitled to pick up a share in the company for $0.21 for a period of 24 months since the closing date of the offering. Each FT unit also consisted of a common share and half of a share purchase warrant. The Chief Executive Officer and President of VIOR, Mark Fedosiewich, noted that everyone at the company was proud of the closing of the offering and also called it a major milestone.
