Redfall Technologies announces plans for C$5.4 million placement

Placement being done as part of amalgamation with Southtech Capital

By Angela McDaniels

Tacoma, Wash., May 7 - Redfall Technologies Inc. intends to complete a brokered private placement for proceeds of at least C$5.4 million. The placement will be done on a commercially reasonable-efforts basis.

The placement is being made in connection with the company's agreement to amalgamate with Southtech Capital Corp. and continue as one corporation named Vogogo Inc., according to a Southtech news release.

The completion of the placement is a condition to the completion of amalgamation, which will be Southtech's qualifying transaction as that term is defined by the TSX Venture Exchange.

The resulting company plans to use the proceeds to fund testing and certification procedures, to fund potential acquisitions and for general corporate purposes.

Redfall is a payment-processing business. Southtech is a capital pool company. Both are based in Calgary, Alta.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.