Essex Angel cancels plans for C$1 million private placement of stock

Non-brokered offering terminated due to unfavorable market conditions

By Devika Patel

Knoxville, Tenn., Dec. 30 - Essex Angel Capital Inc. said it has cancelled plans for a C$1 million non-brokered private placement of stock as a result of unfavorable market conditions.

The deal priced Oct. 31 and was to 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.

The capital pool company is based in Windsor, Ont.

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