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Valdor Technology International Inc Closes Brokered Private Placement


Monday, 8 Jul 2013 03:49pm EDT 

Valdor Technology International Inc announced that non-brokered Private Placement announced May 24, 2013 has closed. A total of 20,175,000 Units at a price of $0.10 per unit have been purchased with total proceeds realized of $2,017,500. Each Unit consists of one common share of Valdor and one non-transferable three year share purchase warrant. Each warrant allows holder thereof to purchase one further common share of Valdor at a price of $0.20 if exercised on or before June 10, 2016. A finder's fee of 699,000 Units has been issued relative to this financing, in accordance with the policies of the TSX Venture Exchange. The 20,874,000 common shares issued are subject to a four month hold period expiring October 10, 2013. The warrants issued with units will be subject to an acceleration provision. After four months have elapsed from closing, if Valdor's shares trade above $0.40 for 20 consecutive trading days Valdor has the option to provide notice to warrant holders that one half of their warrants will expire if they are not exercised within 30 days. If Valdor's shares trade above $0.50 for 20 consecutive trading days Valdor has the option to provide notice to the warrant holders that their remaining warrants will expire if they are not exercised within 30 days.The proceeds from this private placement will be used for marketing Valdor's fiber optic products and for general working capital and current payables.Seven insiders purchased 5,325,000 units (26%) of this financing. 

Company Quote

0.09
0.0050 +5.88%
11 Jul 2014