TORONTO, Oct. 2 /CNW/ - SAMSys Technologies Inc. (SMY:TSX-Ven) ("SAMSys"
or the "Company"), a world leading provider of radio frequency identification
(RFID) hardware solutions and RFID integration consulting services today
announced that the Company has finalized terms of the previously announced
Private Placement of Special Warrants.
The Private Placement will consist of the offering of up to 12,000,000
Special Warrants at a price of $1.10 per Special Warrant for gross proceeds of
up to $13,200,000. The Private Placement is expected to close on or about
October 15, 2003. Upon exercise, each Special Warrant will entitle the holder
thereof to acquire, for no additional consideration, one Common Share and one-
half of one Common Share purchase warrant until 5:00 p.m. (Toronto time) (the
"Time of Expiry") on the earlier of: (a) the date which is five business days
following the issuance of a receipt for a Prospectus qualifying the issuance
by the Company of the Common Shares and warrants by the last of the securities
regulatory authorities in the jurisdictions in which the Prospectus is filed;
and (b) the date which is twelve months following the Closing Date. The
Company will use its best efforts to obtain a receipt for the Prospectus in
each of the jurisdictions in which it is filed on or prior to the date which
is 90 days following the Closing Date. In the event that a receipt for the
Prospectus is not obtained within such 90 day period, each Special Warrant
will be exercisable for 1.08 Common Shares and 0.54 Common Share purchase
warrants until the Time of Expiry.
Each whole Common Share purchase warrant (a "Warrant") will be
exercisable for 36 months following the Closing Date to purchase one Common
Share at a price $1.50.
The pricing of the Special Warrants is in accordance with pricing
protection granted to the Company by the TSX Venture Exchange on September 2,
2003 and is within the maximum allowable discount to the closing market price
of the Company's Common Shares on the business day prior to the filing of
pricing protection.
The minimum subscription for Special Warrants is $15,000. Subscribers in
Ontario, Alberta, and British Columbia must be "accredited investors" (as
defined in Rule 45-501 of the Ontario Securities Commission). Subscriptions
from other offering jurisdictions will be subject to applicable securities
laws.
The lead agent for the Private Placement is First Associates Investments
Inc. This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available. All
dollars in this release are in Canadian funds. |
