By Susanna Moon
Chicago, June 8 - Active Control Technology Inc. said it repriced the warrants in its non-brokered private placement for C$1.1 million of units announced Friday.
Each warrant now will be exercisable at C$0.25, down from C$0.35, for 24 months.
The company will sell up to 5 million units of one share and one half-share warrant at C$0.22 each to company chairman Richard Hazell.
Aberdeen Gould Capital Markets Ltd. is the agent and will receive a commission of 7% in cash of the gross amount raised in the placement.
Proceeds from the private placement will be used for working capital.
Based in Toronto, Active Control designs wireless radio frequency devices for commercial security and access control.
| Issuer: | Active Control Technology Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$1.1 million
|
| Units: | 5 million
|
| Price: | C$0.22
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Investor: | Richard Hazell
|
| Agent: | Aberdeen Gould Capital Markets Ltd.
|
| Announcement date: | June 5
|
| Amended: | June 8
|
| Stock symbol: | Toronto: ACT
|
| Stock price: | C$0.20 at close June 4
|
| Market capitalization: | C$30.77 million
|
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