The price represents a premium of about 3.14% to the volume weighted average price (VWAP) of 21.33 cents per share for trades done on Nov 21, which is the last full market day before the placement agreement.
Lincotrade & Associates is looking to raise $2.2 million by placing 10 million shares at 22 cents per share.
The company entered into a placement agreement with SAC Capital on Nov 24. The proposed placement is not underwritten and will not be undertaken by way of an exempt offering per Section 272B of the Securities and Futures Act 2001 (SFA), which covers private placements. Accordingly, no prospectus, offer document or offer information statement will be issued.
