By Devika Patel
Knoxville, Tenn., Nov. 5 - Active Control Technology Inc. announced that it has increased a private placement of units to C$2.59 million from C$2 million. The deal, which was announced Nov. 2, was oversubscribed by C$588,000.
The company has received subscriptions for 5,176,000 units, a significant increase from the 4 million units planned, at C$0.50 apiece.
As previously reported, each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.90 for two years.
Active will pay a 7% cash finder's fee plus 10% in compensation options to Aberdeen Gould Inc. Each compensation option is exercisable at C$0.50 for two years.
Proceeds from the deal, which is expected to close before mid-November, will be used for general working capital.
Burlington, Ont.-based Active designs, manufactures and markets wireless devices for the commercial access control industry and for underground mining communications and locating.
| Issuer: | Active Control Technology Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2,588,000
|
| Units: | 5,176,000
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.90
|
| Fees: | 7% in cash, 10% in compensation options
|
| Pricing date: | Nov. 2
|
| Upsized: | Nov. 5
|
| Stock symbol: | TSX Venture: ACT
|
| Stock price: | C$0.45 at close Nov. 1
|
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