Kingsmill Capital says Optical Surveillance plans C$3 million PIPE

By Laura Lutz

Des Moines, March 21 - Kingsmill Capital Ventures Inc. announced that Optical Surveillance International Inc., which Kingsmill intends to acquire, plans to raise C$3 million from a private placement of shares.

Optical Surveillance expects a private third-party investor to buy C$3 million of its shares before April 30.

If that placement proceeds as planned, the investor's Optical Surveillance shares will be exchanged for Kingsmill shares at C$0.30 per Kingsmill share, the same terms that will apply to other Optical Surveillance shareholders.

If the expected placement is not completed by April 30, Kingsmill will instead conduct another private placement for at least C$3 million. That placement would be completed simultaneously with the acquisition.

Proceeds from either deal will be used for working capital and general corporate purposes.

Based in Roswell, Ga., Optical Surveillance produces digital imaging technologies. Toronto-based Kingsmill is currently a capital pool company.

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