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Provider: Reuters Investment Profile

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Essex Angel Capital Inc Announces Closing Of Private Placement

Monday, 25 Mar 2013 06:21pm EDT 

Essex Angel Capital Inc announced that further to its press release dated February 13, 2013, the Company now announced the closing of its previously announced non-brokered private placement (the Private Placement). The Private Placement was fully subscribed for and consisted of the sale of 4,000,000 units of the Corporation (the Units) at a price of $0.05 per Unit for gross proceeds of $200,000. Each Unit consists of one common share in the capital of the Corporation (a Common 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 issuance date thereof. The Common Shares, the Warrants and the Warrant Shares will be subject to a four month and one day hold period in accordance with applicable Canadian securities laws. The closing of the Private Placement is subject to the final approval of the TSX Venture Exchange. 

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