Privinvest Offshore participates in non-brokered sale for C$412,500
By Devika Patel
Knoxville, Tenn., Aug. 8 - VendTek Systems Inc. said it raised C$619,300 in the first tranche of a C$3 million non-brokered private placement of units. Privinvest Offshore SAL invested C$412,500 in the deal, which priced July 19.
The company is selling 27,272,727 units of one common share and a half-share warrant at C$0.11 per unit. It sold 5.63 million units in the initial tranche, of which 3.75 million were sold to Privinvest.
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 purposes 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$412,500)
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 8 (for C$619,300)
|
| Stock symbol: | TSX Venture: VSI
|
| Stock price: | C$0.14 at close July 18
|
| Market capitalization: | C$5.25 million
|
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