New Issue: API Technologies completes $20 million placement of 5% promissory notes

By Devika Patel

Knoxville, Tenn., Jan. 26 - API Technologies Corp. settled a $20 million private placement of 5% secured promissory notes on Jan. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The note is due Dec. 31, 2010.

The investors also received warrants for 3,571,447 common shares, which are exercisable at $1.40 for five years.

Investors included Icarus Investment Corp., the DAJJ Family Trust, the MaxChar Family Trust, Bernard Kraft, Claudio Mannarino, Stephen Pudles and Donald Wright.

API Technologies is a Toronto contractor in secure communications, electronic components and subsystems to the global defense and aerospace industries.

Issuer:	API Technologies Corp.
Issue:	Secured promissory notes
Amount:	$20 million
Maturity:	Dec. 31, 2010
Coupon:	5%
Price:	Par
Yield:	5%
Warrants:	For 3,571,447 shares
Warrant expiration:	Five years
Warrant strike price:	$1.40
Investors:	Icarus Investment Corp., the DAJJ Family Trust, the MaxChar Family Trust, Bernard Kraft, Claudio Mannarino, Stephen Pudles and Donald Wright
Settlement date:	Jan. 22
Stock symbol:	OTCBB: ATNY
Stock price:	$1.57 at close Jan. 22
Market capitalization:	$47.6 million

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