On October 13, 2009 Iciena announced:
Ms. Kelly Fielder reports
ICIENA ANNOUNCES PRIVATE PLACEMENT TO RAISE UP TO $2 MILLION
IcienaVentures Inc. will proceed with a non-brokered private placement of upto 13,333,333 units at a price of 15 cents per unit for gross proceedsof up to $2-million. Each unit will consist of one common share of thecompany and one-half of one common share purchase warrant. Each wholewarrant will entitle the holder thereof to purchase one common share ata price of 25 cents for a period of two years from the closing of theoffering.
Iciena's current market price is $0.075. Why would people buy in the private placement for $0.15? That's
double the current market price! I don't believe they'd do it for the warrant - the warrant is priced at $0.25:
233% above market price.
I have significant doubts that this financing will close.