Never Fails, just when you think you had it wrapped up tight.
TransGaming Announces Brokered Private Placement of Up to $1,000,000
TransGaming Inc. TNG
8/16/2012 5:00:05 PM
TransGaming Announces Brokered Private Placement of Up to $1,000,000
TORONTO, ONTARIO--(Marketwire - Aug. 16, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES
TransGaming Inc. (TSX VENTURE:TNG) ("TransGaming" or the "Company") today announced that it has entered into an agreement with M Partners Inc. and 4Front Capital Partners Inc. to act as co-lead agents (the "Agents"), to offer on a best efforts brokered private placement basis (the "Offering") up to 4,000,000 units of the Company (the "Units") at $0.25 per Unit (the "Issue Price") for aggregate gross proceeds to the Company of up to $1,000,000.
Each Unit will consist of one common share of the Company (a "Common Share") and one-half common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder thereof to acquire one Common Share of the Company at an exercise price of $0.35 per Common Share for a period of 24 months from the closing date.
The net proceeds from the Offering will be used by the Company for working capital and general corporate purposes.
In connection with the Offering, a cash commission of 6% of the aggregate gross proceeds arising therefrom will be paid to the Agents. In addition, upon closing of the Offering, the Agents will receive such number of non-transferable warrants (the "Compensation Warrants"), equal to 6% of the total number of Common Shares issued in connection with the Offering. Each Compensation Warrant will be exercisable at a price of $0.25 for a period of 24 months from the closing date to acquire one Common Share of the Company.
The Offering is subject to the approval of the TSX Venture Exchange. Securities issued in the Offering will be subject to a hold period of four months and one day pursuant to applicable securities laws.
