private placementXST Closes Private placement
CALGARY, Sept. 15 /CNW/ - (CDNX: "XST") - XS Technologies Inc. (XST)
announces that the private placement previously announced in June of this year
has been closed. The private placement consists of 523,000 units at 50 cents
per unit for a total placement of $261,500 Canadian. The private placement
proceeds will be used to secure further contracts; continue product
development, research and development, and marketing; and to augment North
American sales.
Each unit consists of one common share and one non-transferable share
purchase warrant. The warrant holder can acquire one additional common share
of XST by exercising the warrant for up to two years after the closing of the
private placement at a price of 70 cents per share. The offering is subject to
customary regulatory approvals.
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
%SEDAR: 00012884E
-0- 09/15/2000
For further information: John Way, President, XS Technologies, (888) 571-8722 or jway@mobiletrac.com; Richard Maeers, Senior Partner, Norcap, (403) 802-3700, norcap@telusplanet.net