PP Closed... And news....and they applied for the cease to be lifted on Jun 26/09.. Maybe trading on thursday???
Here is the NR...
CALGARY, June 30 /CNW/ - Zaio Corporation ("Zaio" or the "Corporation")
announces that the common shares of the Corporation (the "Common Shares")
remain subject to the Cease Trade Orders (the "CTOs") made by the British
Columbia Securities Commission (the "BCSC") and the Alberta Securities
Commission (the "ASC"). The CTOs were made as a result of a failure by the
Corporation to file its annual financial statements, related management
discussion and analysis and certification of annual filings for the year ended
December 31, 2008 (collectively the "Annual Filings") as required by
securities legislation. The Corporation was granted a partial revocation and
variation of the CTOs (the "Partial Revocation Orders") by the BCSC and the
ASC permitting the Corporation to conduct the trades necessary to complete the
non-brokered private placement previously announced on June 5, 2009. On June
26, 2009, the Corporation filed the Annual Filings with the BCSC and ASC. The
Corporation intends to apply to the ASC and BCSC for full revocation of the
CTOs as soon as possible.
Closing of Private Placement
Zaio also wishes to announce that on June 29, 2009 it completed the first
of a series of closings for a non-brokered private placement previously
announced on June 5, 2009 as permitted under the Partial Revocation Orders.
The first closing placed 977,750 units (the "Units") at a price of $0.32 per
Unit for gross proceeds of $312,880 (the "First Closing").
Each Unit consisted of four (4) common shares in the capital of the
Corporation (the "Common Shares") and one common share purchase warrant (a
"Warrant"). Each Warrant entitles the holder to purchase one Common Share of
the Corporation at an exercise price of $0.20 for a period of twenty-four (24)
months from the Closing Date (the "Exercise Period"). At the option of the
Corporation, the Exercise Period for the Warrants may be shortened from
twenty-four (24) months to thirty (30) days should the Common Shares trade at
a price equal to or greater than $0.50 for five (5) consecutive trading days.
Upon the final closing, Finders' fees are to be paid to arm's length
third parties of Zaio consisting of cash in the aggregate amount of up to 6%
of the gross proceeds raised by the finders and finders' compensation warrants
(the "Finders' Warrants") in the amount of up to 8% of the number of Common
Shares subscribed for through the Finders. The Finders' Warrants shall have
the same terms and conditions as the Warrants.
The proceeds of the First Closing will be used for settlement of current
debts and corporate overhead.
Zaio is a company listed and trading on the TSX Venture Exchange, symbol:
ZAO.
About Zaio
Zaio develops and maintains a secure database of site-verified photos,
property information and appraisals of virtually every property in entire
cities. Zaio's network of premiere, local appraiser experts photograph,
inspect and appraise entire cities, one building at a time from the street
using a proprietary "GeoScore(TM)" rating system. Zaio is a public corporation
that trades under the symbol "ZAO" on the TSX-V Exchange in Canada.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The offered
securities mentioned in this news release will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act")
and may not be offered or sold within the United States or to, or for the
account or benefit of U.S. persons except in certain transactions exempt from
the registration requirements of the U.S. Securities Act.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction.
<<
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
>>
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/For further information: Bradley Stinson, CEO, 1-877-318-0537; Rodney D.Mitton, Interim CFO, 1-877-318-0537/