By Sheri Kasprzak
Atlanta, March 1 - Optimal Geomatics Inc. said it plans to raise C$1.8 million in a private placement of stock.
The offering includes 7.2 million shares at C$0.25 each.
Patonhill Investments Ltd., one of the company's major shareholders, has agreed to subscribe for 2.8 million shares.
Based in Vancouver, B.C., Optimal Geomatics provides geomatics services to power line and pipeline utility companies. The proceeds from the deal will be used for general working capital, including marketing and sales in North America and the expansion of its operations in Vancouver.
| Issuer: | Optimal Geomatics Inc.
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| Issue: | Stock
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| Amount: | C$1.8 million
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| Shares: | 7.2 million
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| Price: | C$0.25
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| Warrants: | No
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| Investors: | Patonhill Investments Ltd. (for 2.8 million shares)
|
| Pricing date: | March 1
|
| Stock price: | C$0.28 at close Feb. 28
|
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