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| Home : Zaff LLC Acquires Shares of Itafos |
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Mar 14
2017 |
Zaff LLC Acquires Shares of Itafos |
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TORONTO, ONTARIO--(Marketwired - March 13, 2017) - Zaff LLC (Zaff) announced that it has acquired ownership of and control over 10,295,322 shares (the Acquired Shares) of Itafos (Itafos) (TSX VENTURE:IFOS) by way of the Offering (as defined below). On March 9, 2017, Itafos completed a brokered private placement offering of shares for gross proceeds of approximately US$34 million (the Offering). Zaff acquired the Acquired Shares in the Offering by subscribing for 8,388,781 shares of Itafos at a price of CAD$2.10 for an aggregate US$13,200,000, and by subscribing for 1,906,541 shares of Itafos at an effective price of CAD$2.10 in lieu of a cash repayment by Itafos to Zaff to settle an outstanding cash advance of US$3,000,000 made by Zaff to Itafos on February 23, 2017 (the Transaction). |
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| Source:http://www.marketwired.com/mw/release.do?id=2202603&sourceType=3 |
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