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Provider: Reuters Investment Profile
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Infrastructure Materials Corp Announces Fully Subscribed Private Placement


Monday, 9 Sep 2013 03:30pm EDT 

Infrastructure Materials Corp announced that its most recent private placement was fully subscribed as of August 28, 2013 at a price of CDN $0.015 per share, resulting in the sale of 33,333,333 common shares from the treasury of the Company for gross proceeds of CAD500,000. The shares are subject to a four month hold period in Canada, which will expire on December 29, 2013, and to a minimum six month hold period under U.S. securities laws. Proceeds of the offering will be primarily used to maintain the business and operations of Infrastructure. As of August 28, 2013, the date on which the offering closed, the Company had a total of 132,268,819 common shares outstanding. The Company is indebted to Mont Strategies Inc., a corporation that is owned and controlled by a member of the Company's Board of Directors, in the approximate amount of $293,000 as a result of cash lent to the Company for working capital. The Company and Mont Strategies Inc. have agreed to convert the entire amount of the indebtedness into common shares of the Company at a conversion price of CDN $0.05 per share. Subject to regulatory approvals and approval by the Company's Board of Directors, the shares for debt conversion transaction is expected to be completed in the next two weeks. 

Company Quote

0.015
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16 Dec 2014