Back in this post dated March 4th, we noted that Bobby Genovese’s latest three card trick vehicle Jemi Fibre (JFI.v) was trying to raise $13m in a bought deal equity financing. Back then, if you paid the sum of sixty Canadian cents you’d receive a share and half a warrant of the company, with the warrant at a 90c floor.
Today the deal’s been amended. Here’s a paste of part of the term sheet:
“Each Unit will be comprised of one common share (“Common Shares”) and one common share purchase warrant (“Warrants”). Each Warrant shall be exercisable for a period of 36 months following the Closing Date at an exercise price of $0.75 per share.”
Yup, those half warrants are now full warrants, that 90c strike is now at 75c. It would seem that the proposed issue hasn’t been quite as popular as Bobby G thought it’d be, so
he it decides to crave popularity by sweetening the pot.
Mind you, I’m still amazed that GMP agreed on this being a bought deal.