By Sheri Kasprzak
New York, April 24 - TurboSonic Technologies, Inc. said it has completed a $1.15 million private placement.
The company sold 1 million units of one share and one half-share warrant.
Each warrant is exercisable at $1.40 each for three years.
The company plans to use the proceeds to accelerate TurboSonic's foreign market development and research and development program. The rest will be used for general corporate purposes and working capital.
Capstone Investments was the placement agent.
Based in Waterloo, Ont., TurboSonic designs air pollution control technologies.
| Issuer: | TurboSonic Technologies, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $1.15 million
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| Units: | 1 million
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| Price: | $1.15
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $1.40
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| Placement agent: | Capstone Investments
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| Settlement date: | April 24
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| Stock symbol: | OTCBB: TSTA
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| Stock price: | $1.65 at close April 24
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