I expect the company will gain some good institutional holders from this financing and also some overdue research reports. Hopefully CCB will do as well as one of Acumen's other early financings, Ceramic Protection.
Con-Space Communications Ltd.: CON-SPACE announces financing with Acumen Capital Partners
1/21/05
Jan 21, 2005 (M2 PRESSWIRE via COMTEX) --
Communications Ltd., (http://www.con-space.com), announced today that the Company has entered into a financing agreement with Acumen Capital Finance Partners Limited, in which Acumen has agreed to offer on a commercially reasonable best efforts basis 1.0 million units of the
companies equity at a price of $1.00 per unit for a total gross proceeds to the company of $1,000,000.
Each unit will consist of one common share of CON-SPACE and one-half of one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one common share of CON-SPACE at a price of $1.25 for a period of 9 months, increasing to $1.50 for the following 9 months. This offering is being completed by means of an exempt private placement and will close on or about February 9, 2005. CON-SPACE management anticipates the net proceeds of this financing will be used for working capital and general corporate purposes.
Compensation to Acumen will include a commission of 7.5 per cent of the gross subscription proceeds payable on the closing date. As additional compensation, Acumen will receive compensation options exercisable to acquire 85,000 units.
The compensation options are exercisable for a period of 18 months following the closing date at an exercise price per unit of $1.00.
The private placement is subject to approval by the TSX Venture Exchange and must meet all other necessary regulatory approvals. The deal is also subject to the execution of an agency agreement satisfactory to both the company and Acumen, due diligence by Acumen, and other such terms and conditions as are customary and appropriate in transactions of this nature.
Acumen Capital Finance Partners Ltd. is an independent, full-service investment dealer based in Calgary. Acumen's business has two overlapping focuses: 1. independent retail brokerage and wealth management, offering a full range of investment products and a high level of customer service; and 2. investment banking, institutional sales and trading, and in-house research operations focused on junior oil and gas producers and small-market-cap non-resource growth companies.
With its offices located in a historical building in the heart of downtown Calgary, Acumen prides itself on cultivating a boutique atmosphere. Acumen is 100 per cent employee owned and the employees contribute to the ethical management and success of the firm. Clients enjoy a high level of customer service due to employee pride of ownership and interdepartmental collaboration.
The company's core values and culture shine through the integrity of its people and the quality of its relationships.
Acumen is a member of the Investment Dealers Association of Canada. Client comfort is enhanced by Acumen's membership in the Canadian Investor Protection Fund.
About CON-SPACE Communications Ltd. con-space.com
CON-SPACE is recognized worldwide as the leading designer and manufacturer of specialized voice communication equipment used by Police, Fire, Rescue, Government Agencies, Militaries, Municipalities and general industry. The Company has distribution throughout North America, Great Britain, Australia, and parts of Asia, South America, and Europe. The Company also supplies many other manufacturers with Private Labeled products.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit agoracom.com and view the CON-SPACE Investor Contact & Information Centre. Alternatively, investors are asked to e-mail all questions and correspondence to CCB@Agoracom.com
Investor Relations AGORA Investor Relations agoracom.com (Select "CON-SPACE") CCB@agoracom.com
"Forward-looking" statements in this release involve risks and uncertainties associated with, among others, economic, industry conditions, technological development, and competition and should not be relied upon as actual results may differ materially from those projected. |
