Home / Knowledge / News / Textiles / iFabric completes secondary offering & private placement
iFabric completes secondary offering & private placement
14
Dec '13
iFabric Corp. announced 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.

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.

iFabric

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search