By Devika Patel
Knoxville, Tenn., Nov. 21 - Contec Innovations Inc. arranged a non-brokered private placement of units for up to C$1.6 million.
The company plans to sell up to 32 million units of one share and one non-transferable warrant at C$0.05 per unit. Each warrant will be exercisable at C$0.05 for three years.
Proceeds will be used for the continued commercial roll-out of BUZmob mobile services in China, Southeast Asia and Africa, sales and marketing, for the development of new services and for general working capital purposes.
Vancouver, B.C.-based Contec sells a publishing service for mobile content providers.
| Issuer: | Contec Innovations Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1.6 million
|
| Units: | 32 million
|
| Price: | C$0.05
|
| Warrants: | One per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.05
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 21
|
| Stock symbol: | TSX Venture: BUZ
|
| Stock price: | C$0.035 at close Nov. 20
|
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