AIS Resources cancels C$1 million placement of convertible preferreds

By Devika Patel

Knoxville, Tenn., Aug. 21 - AIS Resources Ltd. said it has cancelled a C$1 million non-brokered private placement of convertible preferred shares that priced July 9.

The junior oil and gas company, based in Calgary, Alta., said it no longer plans to invest in a bond trading hedge fund as planned and has consequently returned all proceeds to the subscribers.

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