Company also completes its acquisition of Marcon with share exchange
By Devika Patel
Knoxville, Tenn., Oct. 4 - Fiber Optic Systems Technology, Inc. said it completed an offering of units.
The company sold units of one common share and a warrant at C$0.06 per unit for C$1.4 million.
The warrants are exercisable at C$0.15 until Sept. 25, 2012, and at C$0.20 thereafter until Sept. 24, 2013. These strike prices represent premiums of 87.5% and 150%, respectively, over C$0.08, the closing price of the company's stock on Oct. 1.
The company also said it completed its acquisition of Marcon International Inc., a privately-owned, Ontario based, industrial supply contractor, under an Aug. 1 share exchange agreement.
Fox-Tek produces fiber optic monitoring systems, primarily for customers in the oil and gas industry.
| Issuer: | Fiber Optic Systems Technology, Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1,400,892
|
| Price: | C$0.06
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Sept. 24, 2013
|
| Warrant strike price: | C$0.15 until Sept. 25, 2012; C$0.20 thereafter
|
| Settlement date: | Oct. 4
|
| Stock symbol: | TSX Venture: FOX
|
| Stock price: | C$0.08 at close Oct. 1
|
| Market capitalization: | C$3.91 million
|
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