By Sheri Kasprzak
New York, April 10 - Open EC Technologies, Inc. said it intends to raise C$1 million from a non-brokered private placement.
The deal includes up to 13,333,333 units of one share and one half-share warrant at C$0.075 each.
The whole warrants are exercisable at C$0.15 each for two years.
Proceeds will be used for debt settlement 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 million (maximum)
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| Units: | 13,333,333 (maximum)
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| Price: | C$0.075
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.15
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| Placement agent: | Non-brokered
|
| Pricing date: | April 10
|
| Stock symbol: | TSX Venture: OCE
|
| Stock price: | C$0.075 at close April 7
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