Financings in Brief: LG Technologies Group, Inc.
This article was originally published in The Gray Sheet
Executive Summary
LG Technologies Group, Inc.: Electronic component manufacturer enters medical device market by purchasing majority stake in St. Petersburg, Florida-based Biotronix Laboratories, which makes an electronic device designed to destroy needles contained in syringe devices. LGT acquired 60% of the common shares of Biotronix for approximately 1 mil. Canadian dollars (approximately $748,000 US) and 100% of the preferred shares for about 1.5 mil. Canadian dollars (about $1.1 mil. US). LGT recently completed an offering of 150,846 of its common shares at about $6.50 (Canadian), $4.86 (US), per share, netting the company $980,499 (Canadian), approximately $734,000 (US). Proceeds from the offering will be used to cover the 60% interest investment in Biotronix. The Laval, Quebec-based company retains the option to purchase the remaining 40% interest in Biotronix, the firm says...