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Regent Pacific Properties Inc Closes $250,000 Private Placement-Canada Stockwatch News


Tuesday, 8 Jan 2013 03:27pm EST 

Canada Stockwatch News reported that Regent Pacific Properties Inc. has completed the private placement financing announced previously. Under the placement, Regent issued 5,000,000 common shares of the corporation at a price of five cents per common share for gross proceeds of $250,000. Regent intends to use the proceeds from the offering for general working capital purposes. No bonus, finder's fees or commissions were paid in connection with the offering. The participation in the offering indirectly by Eddie W.W. Yu, a director and officer of Regent, is considered a related party transaction under Multilateral Instrument 61-101, but is otherwise exempt from the formal valuation and minority approval requirements of MI 61-101. Pursuant to applicable Canadian securities laws, the securities issued under the offering are subject to a four-month hold period from the time of closing of the offering. 

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