By Susanna Moon
Chicago, June 5 - Lorex Technology Inc. said it entered into a private placement agreement for C$1.6 million.
The agreement would result in a subscription of 20 million common shares at a price of C$0.08 per share.
The subscription agreement is scheduled to close June 15.
Lorex said it intends to rely on the financial hardship exemption from the Toronto Stock Exchange requirement for shareholder approval.
Proceeds will be used to support general working capital requirements.
Lorex is a Markham, Ont.-based company that provides businesses and consumers with video surveillance security solutions and sells its products through two market channels.
| Issuer: | Lorex Technology Inc.
|
| Issue: | Stock
|
| Amount: | C$1.6 million
|
| Shares: | 20 million
|
| Price: | C$0.08
|
| Warrants: | No
|
| Pricing date: | June 5
|
| Settlement date: | June 15
|
| Stock symbol: | Toronto: LOX
|
| Stock price: | C$0.10 at close June 4
|
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