Cons Ecoprogress closes one financing, arranges another
Consolidated Ecoprogress Technology Inc CES
Shares issued 6,255,129 Sep 24 close $0.30
Mon 27 Sept 99 News Release
Mr. Michael Daniels reports
In furtherance of company news in Stockwatch July 28, 1999, the company has
recently completed and is now in the process of seeking final Vancouver
Stock Exchange approval to its non-brokered private placement arrangement
with certain placees in this matter and pursuant to the completion of which
the company will now be required to issue from treasury a total of 358,000
units of the company, at a purchase price of 60 cents per initial unit,
with each such initial unit comprising one common share and one
non-transferable share purchase warrant of the company and with each such
resulting initial warrant entitling the placee thereof to purchase an
additional common share of the company at a purchase price of 60 cents per
initial warrant share until Sept. 24, 2000, and at a purchase price of 69
cents per initial warrant share until Sept. 24, 2001, in this instance.
There are no finders' fees or commissions payable by the company in
connection with the successful completion of its initial private placement,
and all initial shares and initial warrant shares, when issued, will be
subject to a hold period expiring in the province of British Columbia on
Jan. 24, 2000.
The board of directors of the company also announces that, in conjunction
with the successful financing of its initial private placement in this
instance, the company has, effective at the close of business on Sept. 24,
1999, now finalized further private placement discussions with a certain
further placee in this matter and pursuant to the completion of which the
company would be required to issue from treasury a total of up to a further
323,333 units of the company, at a proposed purchase price of 30 cents per
further unit, with each such further unit comprising one common share and
one non-transferable share purchase warrant of the company, and with each
such resulting further warrant entitling the proposed further placee
thereof to purchase an additional common share of the company at a purchase
price of 30 cents per common share for a period of one year and at a
purchase price of 35 cents per common share for the second year from the
date of the advancement of any such proposed and further private placement
proceeds to the company by such further placee in this instance.
In consideration of the proposed placement of all of the further units of
the company in this matter, the company plans to pay a finder's fee equal
to up to $9,700 upon the successful completion of its proposed and further
private placement in this instance.
The company presently intends to use the net proceeds from each of its
initial private placement and its proposed and further private placement in
this matter, that being approximately $302,100 in the total, to provide for
the payment of a significant portion of the balance of the company's
existing and contractual commitment under its recently approved and
expanded licence agreement in this instance.
WARNING: The company relies upon litigation protection for
"forward-looking" statements. |
