Hi Dave, Here's one that's not a partner.
TORONTO, Oct. 15 /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 it has closed a Private Placement of 12,000,000 Special
Warrants for gross proceeds of $13,200,000.
"This financing will give SAMSys Technologies the wherewithal to
aggressively implement its overall market strategy which includes accelerated
product development, expanding our RFID consulting practice, pursuing a
comprehensive Intellectual Property strategy and expanding both our domestic
and international sales activities," says Clifford Horwitz, Chairman and CEO
of SAMSys. "Clearly, we are now in a position to help drive the RFID market
forward through our substantial internal resources and by partnering with
other leaders in the field."
The Special Warrants were issued at a price of $1.10 per Special Warrant.
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 final 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;
(b) October 15, 2004; and (c) the date on which, in the opinion of the
Company's counsel, the Common Shares and warrants issuable on the exercise of
Special Warrants would no longer be subject to resale restrictions under
applicable securities laws. SAMSys will use its best efforts to obtain a
receipt for the final Prospectus in each of the jurisdictions in which it is
filed on or before January 13, 2004. In the event that a receipt for the final
Prospectus is not obtained by such date, 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 to purchase one Common Share at a price $1.50 until October 13,
2006.
The Private Placement was placed with both institutional and retail
investors.
SAMSys intends to use certain of the proceeds for working capital
purposes to fund the commercialization process for the Company's RFID hardware
solutions and fund growth of its RFID integration consulting services.
The lead agent for the Private Placement is First Associates Investments
Inc. In connection with the Private Placement, the Company issued to First
Associates Investments Inc. and its co-agent Clarus Securities Inc. an
aggregate of 1,080,000 agents' special warrants (the "Agents' Special
Warrants") which entitle the agents to acquire, for no additional
consideration, an aggregate of 1,080,000 compensation options (the
"Compensation Options"). If a receipt for the final Prospectus described above
is not obtained on or before January 13, 2004, the Agents' Special Warrants
will be exercisable for 1,166,400 Compensation Options. Each Compensation
Option entitles the holder thereof to purchase one Common Share at a price of
$1.10 each until October 14, 2005.
The above-described securities are subject to hold periods expiring
October 16, 2004, subject to the prospectus filing or expiry of applicable
resale restrictions described above.
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. |
