By Jennifer Chiou
New York, March 1 - Avcorp Industries Inc. said it wrapped a private placement of 17,773,211 common shares at C$0.055 per share for gross proceeds of about $978,000.
It had originally planned a C$2.420 million placement, selling 16,157,465 common shares at C$0.15 per share to Panta Holdings BV, as announced on July 15, 2009.
Panta has subscribed for 15,995,890 common shares through a wholly owned subsidiary in addition to Working Opportunity Fund (EVCC) Ltd., which has subscribed for 1,777,321 shares.
The shares are subject to a restriction on resale for a period of four months and one day from the date of issue, according to a news release.
Before the completion of the private placement, Panta and Working Opportunity Fund held 72,318,286 and 17,964,157 common shares, respectively, representing 40.7% and 10.1% of Avcorp's outstanding shares, respectively.
After the placement, Panta will hold a roughly 45.2% stake while the fund will retain its 10.1% holdings.
Proceeds will be used for working capital purposes and to fund tooling and equipment.
Based in Vancouver, B.C., Avcorp builds major airframe structures used by aircraft companies.
| Issuer: | Avcorp Industries Inc.
|
| Issue: | Common shares
|
| Amount: | $978,000 (approximate)
|
| Shares: | 17,773,211
|
| Price: | C$0.055
|
| Warrants: | No
|
| Investor: | Panta Holdings BV
|
| Announcement date: | March 1
|
| Stock symbol: | Toronto: AVP
|
| Stock price: | C$0.13 at close July 14
|
| C$0.06 at close March 1
|
| Market capitalization: | C$10.66 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
