Mindset Parma Inc. (CNSX: MSET) (OTCQB: MSSTF) announced having entered into a financing deal with financial service provider company Canaccord Genuity Group Inc. (TSE:CF) in which Canaccord will be its lead underwriter in a $5,002,500 stock offering deal.
Under the deal, Canaccord together with other underwriters will purchase 6,670,000 of the company’s shares buying one unit at a price of $0.75. Each unit will consist of one common share in Mindset’s capital and one common share purchase warrant of Mindset.
As defined in the deal, each warrant shall prompt the holder to buy one common share at an exercise price of $1.10 in a period of 36 days from the closing date.
Mindset is giving its underwriters an option to buy up to an additional 1,000,500 units at the issue price. This will ensure over-allotments are covered if there will be any in addition, it will also ensure market stabilization.
The over-allotment option will be executable anytime for a period of 30 days and it can be done partly or wholly. If done wholly, it will result to an extra gross proceed for Mindset amounting to $750,375.