Mr. Brian Kalish reports
GEMOSCAN CANADA, INC. ANNOUNCES UNIT OFFERING
Gemoscan Canada Inc. has provided information on the unit offering. On Nov. 29, 2011, it announced that it received conditional approval from the TSX Venture Exchange to list its Class A shares. The listing is conditional upon the corporation completing a minimum $500,000 offering resulting in at least 100 new shareholders each holding a board lot. In connection with this announcement, Gemoscan is pleased to announce that it has entered into an engagement letter with Canaccord Genuity Corp. pursuant to which Canaccord has been retained to raise a minimum of $500,000 and a maximum of $1-million on a commercially reasonable efforts basis. The proceeds of the offering will be used for working capital. The corporation will offer a minimum of 1,428,572 and a maximum of 2,857,143 units priced at 35 cents per unit with each unit consisting of one Class A share and one share purchase warrant entitling the holder to purchase another Class A share at a price of 55 cents per share for a period of two years from the date of issuance. The offering will be done using the TSX Venture Exchange's short-form offering document policy. Canaccord will receive a cash commission of 8.5 per cent of the gross proceeds of the offering and broker warrants entitling it to acquire that number of Class A shares equal to 9 per cent of the units placed at a price of 55 cents per share for a period of two years from the date of issuance. Upon closing, the corporation will also pay a corporate finance fee of $40,000 cash.
We seek Safe Harbor.
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