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Published on 12/31/2004 in the Prospect News PIPE Daily.

New Issue: Icefloe Technologies completes upsized C$2.26 million private placement

New York, Dec. 31 - Icefloe Technologies Inc. said Friday it completed an upsized private placement of C$2.26 million.

The company sold 3,019,339 units at C$0.75 each. It originally said it would sell at least 2,666,666 units.

The units are comprised of one share and one warrant. The warrants allow for an additional share at C$1.25 each for two years.

Five parties related to the company bought a portion of the offering. David Minas will buy 27,642 of the units, Philip Carter will buy 44,612 units, Wayne Newson will buy 120,000 units, J. Robert Furse will buy 139,891 units and Michael Gerrior will buy 5,333 units.

Based in Toronto, Icefloe develops and commercializes a chilling technology used for serving draught beers.

Issuer:Icefloe Technologies Inc.
Issue:Units of one share and one warrant
Amount:C$2.264508 million
Shares:3,019,339 units
Price:C$0.75
Warrants:One warrant per unit
Warrant expiration:Two years
Warrant strike price:C$1.25
Investors:David Minas, Philip Carter, Wayne Newson, J. Robert Furse, Michael Gerrior
Announcement date:Dec. 21
Settlement date:Dec. 31
Stock price:C$1.25 at close Dec. 21

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