By Laura Lutz
Des Moines, Sept. 14 - Vitality Products Inc. closed its private placement of units for C$987,500, down from the C$1 million size announced at pricing on June 7.
The company sold 4,937,500 units of one share and one non-transferable warrant at C$0.20 per unit.
Each warrant is exercisable for two years, at C$0.25 in the first year and at C$0.30 in the second year.
The placement was non-brokered.
Proceeds will be used to develop the company's related businesses, for working capital and for general corporate purposes.
Vitality conducted the placement, as well as a land sale and a debt settlement, in part to meet the Tier 2 maintenance requirements of the TSX Venture Exchange.
Based in Vancouver, B.C., Vitality sells vitamin, mineral and food supplements.
| Issuer: | Vitality Products Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$987,500
|
| Units: | 4,937,500
|
| Price: | C$0.20
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25 in the first year; C$0.30 in the second year
|
| Agent: | Non-brokered
|
| Pricing date: | June 7
|
| Settlement date: | Sept. 14
|
| Stock symbol: | TSX Venture: VPI
|
| Stock price: | C$0.20 at close June 7; C$0.92 at close Sept. 14
|
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