By Sheri Kasprzak
New York, March 13 - ILI Technologies (2002) Corp. said it has closed the first tranche of a C$2.4 million private placement for C$748,508.
The company sold 1,663,353 units at C$0.45 each.
The units consist of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.60 each through Aug. 31, 2007.
The expiry of the warrants may be accelerated to 15 days if the company's stock trades above C$0.75 for more than 20 consecutive trading days.
The company intends to sell up to 5,333,334 units in the placement.
Proceeds will be used to increase the company's inventory, expand its U.S. operations and hire additional sales and technical staff. The rest will be used for working capital.
Based in Calgary, Alta., ILI develops oil and gas industry information technology software products.
| Issuer: | ILI Technologies (2002) Corp.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | C$748,508
|
| Units: | 1,663,353
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| Price: | C$0.45
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Aug. 31, 2007
|
| Warrant strike price: | C$0.60
|
| Settlement date: | March 13 (for first tranche)
|
| Stock symbol: | TSX Venture: ILI
|
| Stock price: | C$0.54 at close March 13
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