Icron Systems Inc.
CDNX:ICM
VANCOUVER, Feb. 18 /CNW/ - A syndicate led by Haywood Securities Inc. has
agreed to use their best efforts to offer by way of private placement up to
2.5 million special warrants. The price per special warrant will be $1.20 for
gross proceeds of up to $3.0 million. Each special warrant is convertible, at
no additional cost, into one unit, each unit consisting of one common share of
Icron Systems Inc. and one-half warrant. Each whole warrant is exercisable for
a period of one year at a price of $1.70 per common share. It the shares close
at a price equal to, or greater than $2.50 a share for a period of 15
consecutive trading days, the company may force termination of the warrants
after 30 days notice to the holders. If the units issuable on exercise of the
special warrant are not qualified within 120 days of the closing of the
financing, each special warrant exercised thereafter will entitle the holder
to receive 1.1 units.
The agent will be paid a commission of 8 percent of the gross proceeds of
the offering and shall receive an option to purchase that number of special
warrants as is equal to 10 percent of the special warrants subscribed for
under the offering, with an exercise price equal to the offering price per
special warrant. The price of the special warrants was established by
negotiations between Icron and the agent. The offering is subject to
regulatory approval including that of the Canadian Venture Exchange. Net
proceeds of the offering will be used for general working capital purposes and
to otherwise finance Icron's growth strategy.
Dirk J. Schillebeeckx, President and CEO confirmed that "The management
of the company is pleased with the significance and timing of this
transaction. Haywood Securities have a great track record in sales and
institutional trading."
Icron Systems Inc. of Vancouver, BC, has invented ExtremeUSB(TM)
technology, a practical means of extending the range of USB connections from
15 feet (5 meters) to over 300 feet (100 meters). Icron has applied for
patents covering its inventions and is integrating this technology into a
series of products for PC users. Icron has established the ExtremeUSB(TM) Team
of companies to increase the total market for USB products by enabling a broad
set of new applications based on ExtremeUSB(TM). Icron is a publicly traded
company and trades under the symbol ICM on the Canadian Venture Exchange.
NOTE: The Company relies on litigation protection for "forward-looking"
statements.
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
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Is Canacord out of the picture now for future financings?
If so, go riddance. |
