Non-brokered offering sells 9,090,910 common shares at C$0.11 apiece
By Devika Patel
Knoxville, Tenn., Oct. 31 - Essex Angel Capital Inc. said it plans a C$1 million non-brokered private placement of stock.
The company will sell 9,090,910 common shares at C$0.11 apiece, a 120% premium to the Oct. 28 closing share price of C$0.05.
Settlement is expected Nov. 30.
Insiders are expected to participate. Chief executive officer Richard Galdi and chief operations officer Michael Labiak will each invest C$11,000, and chief financial officer Julian Hawkins will invest C$5,500.
Proceeds will be used to identify, evaluate and finance investments as well as for working capital and general corporate purposes.
The capital pool company is based in Windsor, Ont.
| Issuer: | Essex Angel Capital Inc.
|
| Issue: | Common shares
|
| Amount: | C$1 million
|
| Shares: | 9,090,910
|
| Price: | C$0.11
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Richard Galdi (for C$11,000), Michael Labiak (for C$11,000), Julian Hawkins (for C$5,500)
|
| Pricing date: | Oct. 31
|
| Settlement date: | Nov. 30
|
| Stock symbol: | TSX Venture: EXC
|
| Stock price: | C$0.05 at close Oct. 28
|
| Market capitalization: | C$1.49 million
|
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