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Gemoscan Canada Inc Completes Private Placement Of 12.5 Cent Units-Canada Stockwatch News


Monday, 28 Jan 2013 01:55pm EST 

Canada Stockwatch News reported that further to Gemoscan Canada Inc.'s press releases of December 18, 2012, and January 21, 2013, in compliance with TSX Venture Exchange (TSX-V) policies, the Company has closed its previously disclosed non-brokered private placement for aggregate gross proceeds of $133,625. Under the offering, the corporation issued an aggregate of 1,069,000 units at 12.5 cents per unit. Each unit consisted of one Class A share and one-half of one Class A share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the corporation at a price of 20 cents per warrant share until January 18, 2015. The units issued will be subject to a statutory four-month-plus-one-day hold period from January 18, 2013. The corporation paid aggregate finders' fees of $10,690 and issued an aggregate of 85,520 finders' warrants in connection with the offering. Each finder's warrant entitles the holder to purchase one common share of the corporation at a price of 20 cents per finder's warrant share, until January 18, 2015. The finder's warrant shares issued will be subject to a statutory four-month-plus-one-day hold period from January 18, 2013. The offering was conducted in reliance upon certain prospectus and registration exemptions. The net proceeds from the offering will be used to enhance the corporation's cash on hand and strengthen its working capital position. 

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