Open EC terminates C$1.32 million private placement of units

By Sheri Kasprzak

New York, March 31 - Open EC Technologies, Inc. has canceled its previously announced C$1.32 million private placement.

Because the company was unable to raise the funds from the PIPE, Open EC is past due on $370,000 in loans and a secured debenture.

"The company will continue to investigate alternative sources of financing to repay the debenture and to advance the company's business," said a statement from the company released Friday evening.

The unit deal included up to 11 million units at C$0.12 each.

Vancouver, B.C.-based Open EC develops e-business software.

The company's stock fell 22.58%, or C$0.035, to close at C$0.12 Friday (TSX Venture: OCE).

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