$1.75 MILLION FINANCING / TRADING TO RESUME
The Company is pleased to announce that, subject to Vancouver Stock Exchange acceptance, it has arranged funding totalling $1.75 million as follows:
Non-Brokered Private Placement ? up to 1,500,000 units at $0.70 each, for total proceeds of $1,050,000. Each unit will consist of one common share of the Company and one non-transferable warrant entitling the holder to purchase one additional share exercisable for one year at $0.90. A 7.5% finder?s fee of $14,550 is payable on the sale of 277,144 of these units. Brokered Private Placement ? 1,000,000 units at $0.70 each, for total proceeds of $700,000. Each unit will consist of one common share of the Company and one non-transferable warrant entitling the holder to purchase one additional share exercisable for one year at $0.90. Goepel McDermid Inc. has been appointed to act as agent to sell the 1,000,000 units by way of private placement. In consideration therefor, the Company will issue to Goepel warrants entitling it to purchase up to 250,000 common shares of the Company exercisable for one year at $0.90 per share.
The proceeds from these financings will be used to further develop the Company?s e-commerce business which is focused on the creation of a highly sophisticated business website (www.ActiveAssets.com) that will facilitate live and on-line auctions and liquidations of corporate assets. The Company?s shares will resume trading on the Vancouver Stock Exchange under its new name, Active Assets & Associates Inc. and symbol (VSE:AAA), on Friday, September 17, 1999.
MORE INFORMATION, PLEASE CONTACT:
Eugene Toffolo, Corporate Communications
Email: info@ActiveAssets.com
Tel: 604-688-5288
Fax: 604-682-1514
Toll Free: 877-688-5288
Tom Haibeck, A.P.R., Media Relations
The Haibeck Group
Tel: 604-683-7996
ON BEHALF OF THE BOARD OF DIRECTORS
Per:
Simon Ridgway, Director |
