11:34:08 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Ztest Electronics Inc (2)
Symbol ZTE
Shares Issued 20,173,696
Close 2018-12-20 C$ 0.375
Market Cap C$ 7,565,136
Recent Sedar Documents

Ztest to close $132,000 first tranche of financing

2018-12-27 09:44 ET - News Release

Mr. Steve Smith reports

ZTEST ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT OFFERING

Ztest Electronics Inc. will close the first tranche of its non-brokered private placement, announced on Dec. 17, 2018, with the sale of 440,000 working capital units at 30 cents per unit, for gross proceeds of $132,000, on Dec. 28, 2018. The offering will remain open until either the remaining units are sold or Jan. 15, 2019.

Each unit comprises one common share and one-half of a common share purchase warrant. Each full warrant entitles the holder to acquire an additional common share of the company at 40 cents for 18 months from closing. Eligible finders will be paid $7,140 and be issued 23,800 broker warrants. Each broker warrant entitles the holder to acquire one common share of ZTEST at 30 cents for 18 months from closing. All securities issued pursuant to the first tranche of the offering will be subject to a statutory hold period expiring on April 29, 2019.

The proceeds of the offering will be used for working capital and to invest in Twenty49 Ltd., based in Waterloo, Ont., and operating in the United States through its wholly owned subsidiary, as disclosed in the Dec. 17, 2018, press release.

An insider of the company subscribed for 100,000 units of the offering. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (MI 61-101) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the company issued to the insider did not exceed 25 per cent of its market capitalization.

About Ztest Electronics Inc.

Ztest Electronics, through its wholly owned subsidiary, Permatech Electronics Corp., offers electronic manufacturing services (EMS) to a wide range of customers. Permatech's offerings include materials management, printed circuit board (PCB) assembly, and testing and design services. Permatech operates from a 20,000-square-foot, ISO 9001:2015-certified facility in North York, Ont., Canada. Ztest Electronics also holds a 25.29-per-cent equity interest in Conversance Inc.

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