New Issue: Extenway Solutions completes C$2 million placement of shares

By Devika Patel

Knoxville, Tenn., Aug. 28 - Extenway Solutions Inc. announced it has completed a previously announced C$2 million private placement of stock with three major shareholders.

The company sold 8,333,333 shares to John McAllister Holdings Inc; 16,666,667 shares to David Brown; and 8,333,333 shares to Innovatech Quebec and Chaudiere-Appalaches.

The shares are priced at C$0.06 each.

Proceeds were used to repay C$1.5 million of debt. The remaining C$500,000 will be used for working capital.

Montreal-based Extenway provides services to the hospitality industry.

Issuer:	Extenway Solutions Inc.
Issue:	Shares
Amount:	C$2 million
Shares:	33,333,333
Price:	C$0.06
Warrants:	No
Investors:	John McAllister Holdings Inc. (for 8,333,333 shares); David Brown (for 16,666,667 shares); Innovatech Quebec and Chaudiere-Appalaches (for 8,333,333 shares)
Pricing date:	Aug. 6
Settlement date:	Aug. 28
Stock symbol:	TSX Venture: EY
Stock price:	C$0.04 at close Aug. 6
Stock price:	C$0.05 at close Aug. 27

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