private placementXST Announces a $1.5 Million Private Placement Offering
CALGARY, March 22 /CNW/ - John Way, President of XS Technologies Inc.
(``XST'') today announced a non-brokered private placement of up to 1,000,000
units at $1.50 per unit for a total offering of up to $1,500,000 Canadian.
Each unit will consist of one common share and one half non-transferable share
purchase warrant.
The warrant holder can combine two, one-half share purchase warrants in
order to acquire one additional common share of XST. The share purchase
warrants may be exercised for up to one year after the closing of the private
placement at a price of $2.00 per share.
In accordance with the rules of the Canadian Venture Exchange (``CDNX''),
the offering is subject to standard regulatory approvals and all shares issued
under this private placement will be subject to a four-month regulatory hold
period, starting upon the date of acceptance of the placement by the Canadian
Venture Exchange.
This private placement is consistent with management's goal of growing
the company and will enhance XST's ability to reach its target sales
objectives. As part of this expansion, XST is in the process of hiring key
technical and sales personnel. Moreover, XST has just received favorable
marketing data back from its initial surveys that confirms the market's
acceptance of GPS products for vehicle protection and security. Funds from
the placement will be used to underwrite the marketing, sales and general
operations of the company.