Cantronic to price C$5 million private placement of units

By Devika Patel

Knoxville, Tenn., June 11 - Cantronic Systems Inc. said it will conduct a C$5 million private placement of units.

The company will offer units of one common share and one half-share warrant on a best-efforts basis. Each whole warrant will be exercisable for two years.

The deal will be conducted by a syndicate of agents led by Leede Financial Markets Inc. and Blackmont Capital Inc. and including Canaccord Capital Corp. and Research Capital Corp. The agents have a greenshoe for 15%.

Proceeds will be used to finance the company's planned acquisition in China, as well as for commercialization and general working capital purposes.

Based in Coquitlam, B.C., Cantronic manufactures, distributes and provides training for thermal infrared imaging and condition monitoring, as well as for infrared night vision technology, specializing in passive and active infrared cameras, infrared illuminators, low light infrared sensitive charge-coupled device cameras and long-range night vision surveillance systems for various security applications.

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