Mr. Brian Kalish reports
GEMOSCAN CANADA, INC. ANNOUNCES THIRD TRANCHE CLOSING OF PRIVATE PLACEMENT
In compliance with Canadian National Stock Exchange policies, the closing of the third tranche of Gemoscan Canada Inc.'s previously disclosed non-brokered private placement is scheduled for Dec. 14, 2011, for gross proceeds of $143,000. Under the offering, the corporation issued 408,571 units at 35 cents per unit. Each unit consisted of one Class A share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share of the corporation at a price of 55 cents per warrant share, and all warrants will expire no later than Dec. 14, 2013.
In connection with the closing of the third tranche of the private placement, finders' fees in the aggregate of $10,010 will be paid by the corporation issuing an additional 28,600 units. The private placement and finders' fees are subject to applicable regulatory approvals.
Proceeds from the offering will be used to enhance the corporation's cash position and strengthen its working capital position. The securities issued will be subject to a four-month-plus-one-day hold period from the date of closing. Postclosing, Gemoscan has a total of 23,633,804 common shares outstanding.
We seek Safe Harbor.
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