Essex Angel Capital Inc: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Essex Angel Capital Inc Announces Closing Of Private Placement
Essex Angel Capital Inc announced the closing of the second and final tranche (the Second Tranche) of its previously announced non-brokered private placement (the Private Placement). The Private Placement was fully subscribed for and consisted of the sale of 10,000,000 units in the capital of the Corporation (the Units) at a price of $0.05 per Unit for gross proceeds of $500,000. Each Unit consists of one common share in the capital of the Corporation (a vommon Share) and one Common Share purchase warrant (a Warrant). Each Warrant entitles the holder thereof to purchase one Common Share (a Warrant Share) at an exercise price of $0.10 at any time prior to 5:00 p.m. (Toronto time) on the day that is 18 months from the closing date of the applicable tranche of the Private Placement. The Corporation issued on March 30, 2012 5,400,000 Units for gross proceeds of $270,000. Each compensation option is exercisable to acquire one Common Share at a price of $0.10 for a period of 18 months from the date hereof. The Common Shares, the Warrants and the Warrant Shares issuable on exercise of the Warrants will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws. The net proceeds will be used to identify, evaluate and fund investments and for working capital and general corporate purposes.
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