Privinvest Offshore is sole investor for non-brokered sale of equity
By Devika Patel
Knoxville, Tenn., Oct. 6 - VendTek Systems Inc. said Wednesday that it reduced a non-brokered private placement of units to C$2 million from C$3 million due to current market conditions. Privinvest Offshore SAL will be the investor for the offering, which priced Sept. 12.
The company will now sell 3,333,333 units of one common share and a half-share warrant at C$0.60 apiece. Each whole warrant is exercisable at C$0.75 for three years. The strike price is a 50% premium to the Sept. 9 closing share price of C$0.50.
Settlement is expected Oct. 7.
Proceeds will be used for general working capital purposes, to continue the company's expansion plans for its Brazilian operations and to advance its technology platform for mobile financial transactions.
VendTek is a software application and services company based in Port Coquitlam, B.C.
| Issuer: | VendTek Systems Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Units: | 3,333,333
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Investor: | Privinvest Offshore SAL
|
| Pricing date: | Sept. 12
|
| Revised: | Oct. 5
|
| Settlement date: | Oct. 7
|
| Stock symbol: | TSX Venture: VSI
|
| Stock price: | C$0.50 at close Sept. 9
|
| Market capitalization: | C$17.22 million
|
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