By Sheri Kasprzak
New York, Feb. 17 - Open EC Technologies, Inc. said it has arranged a private placement for up to C$1.32 million.
The company plans to sell up to 11 million units at C$0.12 apiece on a non-brokered basis.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.20 each for 18 months.
Proceeds will be used for debt repayment to arm's length parties and for working capital.
Vancouver, B.C.-based Open EC develops e-business software.
| Issuer: | Open EC Technologies, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.32 million (maximum)
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| Units: | 11 million (maximum)
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| Price: | C$0.12
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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$0.20
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| Placement agent: | Non-brokered
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| Pricing date: | Feb. 17
|
| Stock symbol: | TSX Venture: OCE
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| Stock price: | C$0.155 at close Feb. 16
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