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: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Bani Batra

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search