New Private placement a complete abuse of power Yes I am outraged. Less than a year ago COV management claimed they had sufficient cash to get them thru for quite a few years.... with about $6mil in cash the bank. Now they perform a "private placement" under exemption rules, because they "need funds to to develop and commercialize new wound care products, expand international distribution channels and for general working capital."
absolutely outrageous, management, you should be ashamed. pathetic. is this how you plan on gaining investor confidence, by diluting their shares down this much? and for what? the gain of a few "close" investors who can pick up a BIG block of COV at super cheap, near $0 valuations?
was this price drop orchestrated so that you could take advantage of this?
Absolutley pathetic.
So many small, private investors have lost SO MUCH thanks to the jokers in management and the board of directors a few years back...I guess the change in Board and management team may be worse than the previous clowns like Dr. C.
Seriously, ABE SCHWARTZ and BRIAN PEDLER, wthatthef? what is $496k going to do for you, for COV, how much really is it going to help you when you have about $2.0Mil in cash as it is? its notlike you had to do this raise because youre completely out of cash. fools.
a complete abuse of power for the gain of a few who will end up making the big money. at 5cents PP, when and if the stock goers to 15cents, thats a 300% return, not bad eh? hope you investors at $3, $2 or even at 50 cents love losing to losers like this crew.
shameful.
Covalon Announces Closing of Non-Brokered Private Placement
MISSISSAUGA, ON, Oct. 26, 2012 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced the closing of a non-brokered private placement comprised of 9.55 million units at a price of $0.052 per unit for gross proceeds of $496,600. Each unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire an additional common share at a price of $0.10 per share for a period of five years from the closing date. All securities issued pursuant to the Offering will be subject to a hold period expiring February 27, 2013. Directors and officers of Covalon participated in the non-brokered private placement for an aggregate of 1.8 million units. Proceeds of the private placement will be used by Covalon to develop and commercialize new wound care products, expand international distribution channels and for general working capital.