Flow Capital Corp. sold 5,032,689 units at a price of 18 Canadian cents per unit in a nonbrokered private placement, raising gross proceeds of C$905,884.02.
Under the offering, certain directors and officers of the company subscribed for an aggregate of 4,893,800 units for a cash consideration of C$880,884.
Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable at a price of 22 Canadian cents for a period of 60 months following closing.
The company plans to use the net proceeds to increase its available cash for deployment into new investments.
All securities issued under the offering are subject to a statutory four-month hold period in accordance with applicable securities legislation.