- Omni-Lite Industries Canada Inc. (OML) completes its previously announced private placement offering for $1.25 million
- Omni-Lite issued one million of its common shares for $1.25 per common share to Candeco Realty Limited
- Omni-Lite intends to use the net proceeds of the offering for working capital and general corporate purposes
- The subscription was a related party transaction as shareholder Jan Holland is a related party
- Omni-Lite Industries Canada Inc. (OML) is unchanged trading at $0.86 per share as of 1:13 p.m. EST
Omni-Lite Industries Canada (OML) has closed a private placement offering for gross proceeds of $1.25 million.
Omni-Lite issued one million of its common shares for $1.25 per common share to Candeco Realty Limited.
Omni-Lite Industries Canada Inc. manufactures specialized components for aerospace, defence, automotive, and industrial sectors.
Omni-Lite intends to use the net proceeds of the offering for working capital and general corporate purposes.
This includes expanding and enhancing its current business through acquisitions or investments of other businesses, technologies, and product lines.
The common shares issued will be held for four months.
The subscription of Candeco was a related party transaction as shareholder Jan Holland, director of Candeco, is a related party to Omni-Lite.
Omni-Lite relied on exemptions from formal valuation and minority approval requirements as the fair market value of the subscription did not exceed 25 per cent of its market capitalization.
Omni-Lite Industries Canada Inc. (OML) is unchanged trading at $0.86 per share as of 1:13 p.m. EST.