By Sheri Kasprzak
Atlanta, April 6 - Omnitech Consultant Group Inc. said it plans to raise C$12.5 million in a private placement.
The offering includes credit facilities for up to C$7.3 million, C$4 million of which would be granted in the form of term loans used to finance acquisitions. The term loans would be repaid on April 30, 2009. The remaining C$3.3 million would be used to support the company's operations and to finance its tax credits receivable.
The exact terms of these portions of the offering will be announced at a later date, according to a statement from the company.
Sipar Inc. said it has agreed to buy 1 million units of Omnitech at C$1.192 each, a 20% discount to the company's market price of C$1.49 at pricing, for proceeds of C$1,192,000.
The units are comprised of one share and one half-share warrant. The full warrants allow for an additional share at C$1.49 each for 18 months.
Based in Quebec City, Omnitech integrates technologies for companies. The proceeds will be used for acquisitions and to develop and allocate C$3 million for additional acquisitions.
| Issuer: | Omnitech Consultant Group Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1,192,000
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| Units: | 1 million
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| Price: | C$1.192
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$1.49
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| Investor: | Sipar Inc.
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| Announcement date: | April 6
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| Stock price: | C$1.70 at close April 5
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