Privinvest Offshore may participate in non-brokered offering of equity
By Devika Patel
Knoxville, Tenn., July 20 - VendTek Systems Inc. said Thursday that it has arranged a C$3 million non-brokered private placement of units. Privinvest Offshore SAL plans to invest C$1.5 million.
The company will sell 27,272,727 units of one common share and a half-share warrant at C$0.11 per unit.
Each whole warrant is exercisable at C$0.20 for 18 months. The strike price is a 42.86% premium to the July 18 closing share price of C$0.14.
Proceeds will be used for general working capital and to continue the company's expansion plans for its Brazilian operations.
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: | 27,272,727
|
| Price: | C$0.11
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Investor: | Privinvest Offshore SAL (for C$1.5 million)
|
| Pricing date: | July 19
|
| Stock symbol: | TSX Venture: VSI
|
| Stock price: | C$0.14 at close July 18
|
| Market capitalization: | C$7.36 million
|
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