Private Placement ClosedVENDTEK ANNOUNCES CLOSING OF PRIVATE PLACEMENT OFFERING OF UNITS
TSX-V Symbol: VSI
VANCOUVER, Feb. 28 /CNW/ - VendTek Systems Inc. (TSXV: VSI) ("VendTek" or the "Company") is pleased to announce that it has closed its previously announced private placement of units (the "Units"). The Company completed the sale of 1,695,000 Units for gross proceeds of $1,017,000 (the "Offering"). Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant is exercisable for three years from the closing of the Offering to acquire one Common Share at a price of
.75 per Common Share.
The Offering is subject to regulatory approval and all securities issued in connection with the Offering are subject to a four-month and one day hold period under applicable securities laws.
As compensation to Versant Partners Inc. and MGI Securities Inc. (together, the "Agents") for their services in connection with the Offering, the Corporation has paid to the Agents a cash fee of $50,850.
The net proceeds from the sale of the Units will be used for general working capital purposes and to continue the Company's expansion plans.