By Sheri Kasprzak
New York, Jan. 26 - BSM Technologies Inc. said it has completed a private placement for C$1,237,000.
The non-brokered deal included 8,246,664 units at C$0.15 each.
The units consist of one share and one warrant. The warrants are exercisable through Jan. 23, 2008 at C$0.20 each.
Onbelay Partners Ltd. was the lead investor and subscribed for 3,333,333 units.
Proceeds will be used for marketing and working capital.
The deal was priced on Dec. 21 as a C$2 million offering of up to 6,666,667 units under the same terms.
Based in Mississauga, Ont., BSM manufactures vehicle tracking and surveillance technologies for the law enforcement sector.
| Issuer: | BSM Technologies Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1,237,000
|
| Units: | 8,246,664
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Placement agent: | Non-brokered
|
| Investor: | Onbelay Partners Ltd. (lead)
|
| Pricing date: | Dec. 21
|
| Settlement date: | Jan. 23
|
| Stock symbol: | TSX Venture: GPS
|
| Stock price: | C$0.23 at close Dec. 21
|
| Stock price: | C$0.24 at close Jan. 23
|
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