Mr. Gordon Deans reports
ACT AURORA CONTROL TECHNOLOGIES CORP. ANNOUNCES INCREASE IN PRIVATE PLACEMENT
ACT Aurora Control Technologies Corp. has increased its previously announced non-brokered private placement of up to 2.7 million units at a price of 37 cents per unit for total gross proceeds of up to $1-million to 3,695,000 units for total gross proceeds of $1,367,150.
Each unit will consist of one common share and one-half of one share purchase warrant, with each warrant entitling the holder to purchase one additional share for a period of 18 months at a price of 50 cents per warrant share.
The company will be paying a finder's fee consisting of a cash fee of 7 per cent and finders' warrants to purchase shares equal to 7 per cent of the units placed at a price of 37 cents for 18 months.
All securities will be subject to a four-month hold period. All funds will be used for general working capital purposes.
Completion of the private placement is subject to the approval of the TSX Venture Exchange.
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