RE: RE: RE: No resistance"...my guess is some friends are driving up the price so they can put together some working capital through another PP at a higher price?"
Ding Ding. Give the man a cigar.
Iciena News Flash
Iciena closes $1-million financing, repays $25,682 debt
2009-05-29 20:03 ET - News Release
Mr. Kelly Fielder reports
ICIENA ANNOUNCES CLOSING OF SHARES FOR DEBT SETTLEMENT AND NON-BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF $1 MILLION
Iciena Ventures Inc. confirms that, further to the company's news releases of April 9 and May 20, 2009, in Stockwatch, the company has now closed the non-brokered private placement of 33,333,333 units at a price of three cents per unit, for gross proceeds of $1-million, and settled a total of $25,682.31 of debt by the issuance of 235,849 common shares in the capital of the company having a deemed value of 5.3 cents per share.
Each unit issued under the offering consists of one share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one share at a price of 10 cents up to and including May 29, 2010.
The company has paid a total of $18,515 in cash and issued 1,716,167 units to certain finders as finders' fees. The finders' fees represent 7 per cent of the total dollar value of units, or 7 per cent of the units subscribed for by investors introduced by the finders to the company.
All shares issued under the shares-for-debt settlement, the offering and as the finders' fees under the offering, and any shares issuable on the exercise of the warrants, have a hold period expiring Sept. 30, 2009.
The proceeds from the offering will be used for general corporate working capital and to finance the company's obligations under the option agreement with Metalex Ventures Ltd. dated effective April 15, 2008.
The option agreement is subject to the approval of the exchange. Further details of such agreement are disclosed in the company's management's discussion and analysis dated Dec. 31, 2008, which is available on SEDAR.
But not available on their website.