Clip Money Inc (OTCMKTS:CLPMF) Stock On Radar After Non-Brokered Private Placement

Clip Money Inc (OTCMKTS:CLPMF) is a company that is involved with the operations of a safe service deposit system across multiple banks. Yesterday, the company was in the news after it made an announcement with regards to a non-brokered private placement.

Market Action

On Tuesday, CLPMF stock slid 11.11 % to $0.6400 with 17.97K shares, compared to volume of 20.46K shares. The stock moved within a range of $0.6000 – 0.6500 after opening trade at $0.6500.

Clip Money Inc. Announces Non-Brokered Private Placement

The private placement would see the Clip Money making an offering of as many as 1,538,462 units for the price of C$0.65 each and hence, raise gross proceeds to the tune of as much as C$1,000,000. It was also noted that the company could also raise the size of the offering at its own discretion. Each unit is going to be made up of one common share in Clip Money and half of a common share purchase warrant.

Those who hold a unit of a share purchase warrant are going to be entitled to pick up a common share in clip money for the price of C$0.85 up until 36 months since the issuance of the units. To this end, it is also necessary to point out that Clip Money engaged the services of some finders for the purpose of generating investor participation. Each finder would be entitled to a 7% commission in cash depending on the amount of money they could bring in.

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