Mr. Gordon Deans reports
ACT AURORA CONTROL TECHNOLOGIES CORP. CLOSES 2ND TRANCHE PRIVATE PLACEMENT
ACT Aurora Control Technologies Corp. has closed the second and final tranche of a private placement for 1.02 million units at a price of 37 cents per unit for gross proceeds of $377,400. The company distributed a total of 3,965,000 units pursuant to both tranches of the private placement, for aggregate gross proceeds of $1,467,050.
Each unit consists 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 finder's 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.
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