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news.Canadian company Meridian has completed a private equity financing in Korea, pursuant to which the company has sold 1.98 million restricted shares of common stock, at a price of approximately $0.964 per share, providing proceeds of approximately $1.90 million.
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The company said that proceeds from the financing will be used to reduce the debt load of the company and to fund its marketing program in North America and Europe. No investment bank or financial advisor was used in the transaction. The company’s management team arranged and closed the transaction.
The private placement shares represent approximately 6% of the 33 million shares of the common stock of the company issued and outstanding on the date of the private placement.