By Sheri Kasprzak
Atlanta, April 5 - Avcorp Industries Inc. said it has completed an upsized private placement for C$2,408,750.
The company sold 9,635,000 units at C$0.25 each.
The units are comprised of one share and one warrant, which is exercisable at C$0.35 each for one year.
Insiders of the company subscribed for 3.1 million units. Warrants issued to the insiders will be exercisable at C$0.30 each.
The offering was first announced March 3 as a C$2,375,000 deal of up to 9.5 million units under the same terms.
Based in Vancouver, B.C., Avcorp makes parts for airplane manufacturers. It plans to use the proceeds for general working capital.
| Issuer: | Avcorp Industries Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2,408,750
|
| Units: | 9,635,000
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.35
|
| Pricing date: | March 3
|
| Settlement date: | April 5
|
| Stock price: | C$0.27 at close March 2
|
| Stock price: | C$0.29 at close April 5
|
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