Proceeds for general working capital, to continue expansion plans
By Melissa Kory
Cleveland, Feb. 17 - VendTek Systems Inc. said it arranged a private placement of up to C$1.02 million, or 1.7 million units, through lead agent Versant Partners Inc. and agent syndicate member MGI Securities Inc.
Each unit will consist of one common share and one-half warrant. Each warrant will be exercisable at C$0.75 for three years. The strike price is a 25% premium to the Feb. 16 closing share price of C$0.60.
The placement was arranged as a result of investor interest in the previously announced private placement of up to C$2.5 million of debenture units, each consisting of a C$1,000 6% three-year convertible debenture and 500 common share purchase warrants. That placement is expected to close on or about Feb. 17.
Proceeds will be used for general working capital purposes and to continue the company's expansion plans.
VendTek is a software application and services company based in Port Coquitlam, B.C.
| Issuer: | VendTek Systems Inc.
|
| Issue: | Units of one common shares and half a warrant
|
| Amount: | Up to C$1 million
|
| Units: | Up to 1.7 million
|
| Warrants: | Half a warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.75
|
| Agents: | Versant Partners Inc. (lead) and MGI Securities Inc.
|
| Pricing date: | Feb. 16
|
| Stock symbol: | TSX Venture: VSI
|
| Stock price: | C$0.60 at close Feb. 16
|
| Market capitalization: | C$27.77 million
|
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