By Sheri Kasprzak
New York, Nov. 29 - Eurocontrol Technics Inc. said it intends to raise C$5 million in a non-brokered private placement.
The company plans to sell up to 7,142,857 units at C$0.70 each.
The units are comprised of one share and one half-share warrant. The whole warrants are exercisable at C$1.00 each for two years.
Proceeds will be used to accelerate the earn-in of the company's 51% interest in Global Fluids International SA. The rest will be used for research and development.
In other news, Eurocontrol named Deborah Battiston chief financial officer and Ray Kindiak as vice president of corporate development.
Based in Toronto, Eurocontrol makes devices to monitor and control electrical signals.
| Issuer: | Eurocontrol Technics Inc.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5 million (maximum)
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| Units: | 7,142,857 (maximum)
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| Price: | C$0.70
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.00
|
| Placement agent: | Non-brokered
|
| Pricing date: | Nov. 29
|
| Stock price: | C$0.88 at close Nov. 28
|
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