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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


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