Memex increases private placement to $2.85-million
MEMEX INC. has en tered into an amended letter of engagement with Eight Capital acting as sole bookrunner and lead agent, on behalf of a syndicate, under which the agents have now agreed to offer for sale units of the company, on a best-effort private placement basis, subject to all required regulatory approvals, at a price per unit of 16 cents for total gross proceeds of up to approximately $2.85-million from the original offering of $1.5-million, with an option to offer an additional $500,000.
Each unit shall consist of one common share of the company and one-half of one share purchase warrant. Each warrant shall entitle the holder thereof to acquire one share at a price of 25 cents for a period of 24 months following the closing of the offering. In the event that the closing sale price of the company’s common shares on the TSX Venture Exchange is greater than 35 cents per share for a period of 20 consecutive trading days at any time after the closing of the offering, the company may accelerate the expiry date of the warrants by giving notice to the holders thereof and in such case the warrants will expire on the 30th day after the date on which such notice is given by the company.
The net proceeds from the offering will be used for working capital and general corporate purposes. The securities issued under the offering will be subject to a four-month hold period from the date of closing of the offering in addition to any other restrictions under applicable law.
The closing date of the offering is scheduled to be on or about Sept. 26, 2017, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V. About Memex Inc. Memex was founded with a vision to improve the way automated machinery and production equipment work and connect on the factory floor. Memex is the developer of Merlin, an award-winning IIoT (industrial Internet of things) technology platform that delivers tangible increases in manufacturing productivity in real time.
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Joseph Douglas Brennan, Robert Edward Chafee, Scott Kaplanis, Peter Alan Lacey, David Ronald McPhail, Richard Edward Morley, John Robert Rattray
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