itemus inc. (itemus) has filed the final prospectus and received all regulatory approvals to proceed with an innovative $40 million financing with a group of investors arranged by Canaccord Capital Corp. (Canaccord). Canaccord is the first securities firm to arrange an equity financing permitting the issuer to sell stock over the next 12 months at a price that is a fixed percentage of the stock’s recent trading price.
According to the financing scheme, itemus can raise amounts in increments of $3-$5 million over the next 12 months at the company’s option, up to $40 million. The maximum number of common shares to be issued will be 40 million. Canaccord has arranged a group of institutional investors that has committed to investing in these shares. itemus intends to use the net proceeds of this offering for general corporate purposes and possible future acquisitions.
itemus is an Internet operating company that builds and invests in companies with leading applications and revolutionary business models for the Internet. The company operates through itemus Solutions, providing services and applications in security, network infrastructure, application management and rich media. itemus also focuses on identifying and investing in promising Internet technology and content companies.
Counsel for Canaccord Capital were Peter Marrone, Jeffrey Roy and Mindy Gilbert of Cassels Brock & Blackwell LLP. Counsel for itemus inc. were Monique Rabideau, Avi Greenspoon and Eric Roblin of Fogler, Rubinoff LLP.