By Laura Lutz
Des Moines, Sept. 20 - Fiber Optic Systems Technology Inc., or Fox-Tek, arranged a C$5 million private placement of stock with underwriter Research Capital Corp.
The company will sell 2.5 million shares at C$2.00 each to qualified Canadian investors.
Proceeds will fund commercialization and development of the company's fiber optic sensing products.
Fox-Tek produces fiber optic monitoring systems, primarily for customers in the oil and gas industry.
| Issuer: | Fiber Optic Systems Technology Inc. (Fox-Tek)
|
| Issue: | Stock
|
| Amount: | C$5 million
|
| Shares: | 2.5 million
|
| Price: | C$2.00
|
| Warrants: | No
|
| Underwriter: | Research Capital Corp.
|
| Pricing date: | Sept. 20
|
| Stock symbol: | TSX Venture: FOX
|
| Stock price: | C$2.16 at close on Sept. 20
|
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