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Microcap & Penny Stocks : Avante Technologies AVQ -Humidifier through Home Depot
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To: Tupulak who wrote (143)12/17/1999 6:45:00 PM
From: 3:16  Read Replies (1) of 183
 
Avante Technologies Inc -
Avante to raise up to $250,000 privately
Avante Technologies Inc AVQ
Shares issued 16,475,891 1999-12-15 close $0.1
Friday Dec 17 1999

Mr. Neil Werfhorst reports
In order to meet the increased demands from customers such as the Home Depot USA and Air for Life for the company's product, the Desert Spring Power Humidifier, Avante intends to obtain funds through a private placement or placements. Details are as follows:
all of the private placement transactions to be arm's-length in nature;
amount to be raised not to exceed $250,000;
the private placement to be by way of a convertible debenture(s).
Either the issuer or any investor may convert the amount outstanding on the debenture into shares of Avante. Upon the second anniversary of the issuance of the convertible debenture, conversion of the outstanding amount will automatically occur.
In lieu of interest, a royalty will be paid of up to 25 per cent of the principal invested by payments of $2.50 or less per each Desert Spring Power Humidifier sold. Upon conversion, any outstanding royalty will be cancelled.
The conversion value (proposed) will be 10 cents per share.
The private placement will result in the issuance of up to 2.5 million common shares. Each common share has one vote.
The proposed conversion price of 10 cents was determined by the directors of the corporation having regards to market conditions.
There is no investment dealer, broker or agent participating in the transaction.
A finder's fee of 10 per cent shall be paid in connection with the private placement in the form of common shares issued at 10 cents a share in accordance with applicable securities regulations.
The funds generated from the private placement will be used to finance working capital required to fill increased demand from customers such as Home Depot USA, and excess funds if any, will be used for general corporate purposes.
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