MPACT Immedia Obtains $13 Million in Financing
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Electronic commerce firm MPACT Immedia said it has entered into an agreement with a syndicate of underwriters to issue 2 million Special Warrants at $6.50 per share in a private placement for gross proceeds of $13 million Canadian.
The syndicate is led by CIBC Wood Gundy Securities Inc. and includes Midland Walwyn Capital Inc. and Eagle & Partners Inc.
Each special warrant will be exercisable into one common share of MPACT Immedia for no additional consideration. The private placement is expected to close on or about May 14, and is subject to regulatory approval.
The Special Warrants and the common shares issuable upon the exercise of the Special Warrants have not and will not be registered under the United States securities laws and may not be offered or sold in the United States, except pursuant to an exemption from registration, the company said.
MPACT offers both EDI commerce and Internet commerce products and services through its offices in Montreal, Livonia (Michigan), and Toronto.