Vendtek Completes First Tranche Closing of Private Placement

Monday 29 March 2004 15:59 CET | News

VendTek Systems has completed a first tranche closing of its non-brokered private placement announced March 5, 2004 and updated March 12, 2004.

The Company issued a total of 4,967,544 units at a price of $0.15 per unit, for aggregate gross proceeds of $745,131.60. Each unit consists of one common share of the company and a full warrant exercisable into a further common share at a price of $0.20 for a period of two years. The Company issued an additional 321,369 units in finders fees. The units and underlying securities are subject to Exchange and statutory hold periods, both expiring on July 26, 2004. With the success of the first tranche, the Company will be seeking TSX approval to increase the size of its unit offering from $1.0 million to $1.3 million, to accommodate current and potential subscriptions for a second tranche closing expected next week.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce