Privinvest Offshore may participate in non-brokered offering of equity
By Devika Patel
Knoxville, Tenn., Sept. 12 - VendTek Systems Inc. said it arranged a C$1 million non-brokered private placement of units. Investor Privinvest Offshore SAL plans to participate.
The company will sell 5 million units of one common share and a half-share warrant at C$0.60 per unit. Each whole warrant is exercisable at C$0.75 for three years. The strike price is a 50% premium to the Sept. 9 closing share price of C$0.50.
Proceeds will be used for general working capital, to continue the company's expansion plans for its Brazilian operations and to advance its technology platform for mobile financial transactions.
VendTek is a software application and services company based in Port Coquitlam, B.C.
| Issuer: | VendTek Systems Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3 million
|
| Units: | 5 million
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Investor: | Privinvest Offshore SAL
|
| Pricing date: | Sept. 12
|
| Stock symbol: | TSX Venture: VSI
|
| Stock price: | C$0.50 at close Sept. 9
|
| Market capitalization: | C$24.57 million
|
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