By Devika Patel
New York, Aug. 9 - CVTech Group Inc. announced it has signed an agreement with Fonds d'investissement Actions-croissance PME Inc. for a C$5 million private placement of shares.
The company sold 4 million shares at C$1.25 apiece.
The deal is expected to close by Aug. 23.
The offering is conditioned upon the approval by the Toronto Stock Exchange and other regulatory authorities and CVTech's successful application to the Ministère du Revenu de Québec. The deal also is conditional on CVTech and Fonds entering into a formal subscription agreement.
CVTech has 50,865,000 shares in circulation. This investment would increase its volume to 54,865,000 shares.
Based in Drummondville, Quebec, CVTech is a holding company for concerns that manufacture continuously variable power transmission parts.
| Issuer: | CVTech Group Inc.
|
| Issue: | Stock
|
| Amount: | C$5 million
|
| Shares: | 4 million
|
| Price: | C$1.25
|
| Warrants: | No
|
| Investor: | d'investissement Actions-croissance PME Inc.
|
| Pricing date: | Aug. 9
|
| Stock symbol: | Toronto: CVT
|
| Stock price: | C$1.00 at close Aug. 9
|
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