Lemontonic Inc., now developing an online dating service through Microsoft Instant Messenger, is trimming its private-placement financing to $1.5 million from $2 million.
In a deal with Wellington West Capital Inc., Lemontonic (TSXV:LEM) said Monday it is cancelling plans to sell about 4.4 million units at a price of 45 cents each and will instead sell $1.5 million worth at a price based on the value of class-A shares. Each unit will consist of one class-A share and half of one warrant, with each full warrant entitling the holder to buy one share at 45 cents within 18 months. Press release here.
Lemontonic also announced an advertising agreement with the Toronto.com web portal. “We were faced with the challenge of finding an online vehicle through which to connect with singles in Toronto, our largest Canadian market,” CEO Mark Pavan said in a release. “We are delighted to be able to enter into such an enhanced and multi-faceted agreement with Toronto.com, Canada’s largest local city portal.” More here.
