iFabric Corp. Completes Private Placement and Secondary Offering
14 12월 2013 - 7:40AM
Marketwired
iFabric Corp. Completes Private Placement and Secondary Offering
MARKHAM, ONTARIO--(Marketwired - Dec 13, 2013) - iFabric Corp.
(TSX-VENTURE:IFA) ("iFabric" or the "Company") announced today that
it has completed its previously announced best efforts treasury
offering by issuing 407,250 units (the "Units") at a price of $4.00
per Unit (the "Treasury Offering") for gross proceeds of
$1,629,000; and its previously announced best efforts secondary
offering through which Hylton Karon, President and CEO of the
Company sold 168,750 common shares in the capital of the Company
(the "Common Shares") at a price of $4.00 per Common Shares for
gross proceeds of $675,000 (the "Secondary Offering", and together
with the Treasury Offering, the "Offering").
Each Unit consists of one Common Share and one half of one
common share purchase warrant (the "Warrants"). Each whole Warrant
entitles the holder thereof to acquire one Common Share at a price
of $5.25 per Common Share for a period of 36 months from the date
of issuance.
Following the closing of the Offering, Mr. Karon and his wife
collectively own 19,431,250 Common Shares, representing
approximately 76.3% of the outstanding Common Shares.
The net proceeds from the Treasury Offering will be used by the
Company for general working capital purposes. The Company will not
receive any of the proceeds of the Secondary Offering.
"Given the company's strong working capital position, and
the positive earnings from the base business, the new capital
raised is more than adequate to fund the roll out of the
antimicrobial intelligent fabric technology and also fund the
completion of the EPA approval process," stated Hilton Price, Chief
Financial Officer of iFabric.
All securities issued in the Treasury Offering will be subject
to a hold period of four months plus one day from the date of
closing of the Offering.
The Offering was conducted through a syndicate of dealers
bookrun by MGI Securities Inc. as lead agent with a syndicate
including Industrial Alliance Securities (collectively, the
"Agents").
The Agents received cash compensation of 7% of the gross
proceeds raised under the Treasury Offering, as well as
compensation options ("Compensation Options") entitling the Agents
to subscribe for that number of Units that is equal to 7% of the
total number of Units sold pursuant to the Treasury Offering.
Subject to regulatory approval, each Compensation Option is
exercisable for a period of 36 months following the closing of the
Offering at an exercise price of $4.00 per Unit. In connection with
the Secondary Offering, the Agents received cash compensation
equaling 7% of the gross proceeds of the Secondary Offering.
The securities offered in the Offering have not been and will
not be registered under the U.S. Securities Act as amended, or any
state securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from such
registration requirements. This press release shall not constitute
an offer to sell, or the solicitation of an offer to buy the
securities in the United States or in any jurisdiction in which
such offer, sale or solicitation would be unlawful.
ABOUT iFABRIC CORP.: www.ifabriccorp.com
iFABRIC CORP., through its subsidiary companies, is a
manufacturer, distributor, licensor and licensee of ladies intimate
apparel products and accessories as well proprietary chemical
compounds that render fabrics intelligent, thereby improving the
safety and well-being of the wearer.
Forward-looking statements provide an opinion as to the effect
of certain events and trends on the business. Certain statements
contained in this news release constitute forward-looking
statements. The use of any words such as "anticipate", "continue",
"estimate", "expect", "may", "will", "project", "should", "believe"
and similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based on current
expectations and various estimates, factors and assumptions and
involve known and unknown risks, uncertainties and other factors.
Forward-looking information includes, but is not limited to,
statements with respect to the development potential of the
Company's products.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made.
Readers are cautioned not to place undue reliance on these
statements as the Company's actual results, performance, or
achievements may differ materially from any future results,
performance or achievements expressed or implied by such
forward-looking statements if known or unknown risks, uncertainties
or other factors affect the Company's business, or if the Company's
estimates or assumptions prove inaccurate. Therefore, the Company
cannot provide any assurance that forward-looking statements will
materialize. The Company assumes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or any other reason except as required
by applicable securities laws.
Any financial outlook or future oriented financial information
in this news release, as defined by applicable securities
legislation, has been approved by management of iFabric. Such
financial outlook or future oriented financial information is
provided for the purpose of providing information about
management's reasonable expectations as to the anticipated results
of its proposed business activities. Readers are cautioned that
reliance on such information may not be appropriate for other
purposes. The forward-looking statements contained in this press
release are made as of the date hereof and the Company undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
Neither the TSXV nor its Regulations Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this press release.
iFabric Corp.Hilton Price, CAChief Financial Officer(905)
752-0566 ext. 205hilton.price@rogers.comiFabric Corp.Gary
PerkinsInvestor Relations(416)
882-0020garyperkins@rogers.comwww.ifabriccorp.com
iFabric Corp. (TSXV:IFA)
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iFabric Corp. (TSXV:IFA)
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