Mr. Robert Smith reports
TUT FITNESS GROUP ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
TUT Fitness Group Inc. has arranged a private placement of up to 22,222,222 units at a price of 4.5 cents per unit for gross proceeds of up to $1-million. Each unit is composed of one common share and one-half of common share purchase warrant, having an exercise price of eight cents per warrant and a term of 24 months from the date of closing of the private placement.
As part of this transaction, the company may enter into finder's fee agreements with certain finders, paying to such finders up to 7 per cent of the portion of the private placement raised through finders in cash and warrants.
The proceeds from the private placement will be used for research and development, operation, inventory, marketing, working capital, and general corporate purposes.
The private placement is subject to TSX Venture Exchange approval, and all securities issued will be subject to a four-month hold period.
We seek Safe Harbor.
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