AIT Undertakes Private Placement of Special Warrants
OTTAWA, Ontario, Oct. 20 /CNW/ - AIT Advanced Information Technologies Corporation today announced the completion of the private placement of an additional 904,886 special warrants at $2.21 per warrant for gross proceeds of $1,999,800 through Marleau, Lemire Securities Inc. and RBC Dominion Securities Inc. One-half of the net proceeds has been released to AIT. The above special warrants are in addition to those announced October 10, 1997 and bring the total special warrants issued under this private placement to 4,524,886 with total gross proceeds of $10,000,000. The offering has now been fully subscribed.
The special warrants subject to regulatory approval will be issued as fully paid, privately placed securities and will be exercisable by holders, without further payment, into publicly traded common shares of AIT, on the basis of one common share for each special warrant held on the 5th business day following the date AIT is issued a receipt by the securities regulatory authorities for the final prospectus qualifying the distribution of common shares to be issued on the exercise of the special warrants. If a final receipt is not obtained by the 120th day following the initial closing, special warrant holders will have the option to surrender 50% of their special warrants for repayment of the initial subscript price plus interest and or retain and exercise any special warrants on the basis of one common share and one extra warrant for each special warrant so held. Each extra warrant may be redeemed for 0.20 common shares at a price of $2.65 per common share for the period of one year.
AIT's vision of supplying ''Innovative Technology for a Safer World'' consists of two business areas: Identification Products in which the Company is the world's leading supplier of software based systems for the issuance and inspection of machine readable travel documents and Interactive Security Products where the Company supplies digital recording and video telesurveillance products for personal and asset security. AIT stock is traded on the Toronto Stock Exchange under the symbol AIV.
For further information: Ron Blair, Chief Financial Officer, AIT Corporation, 700-1545 Carling Avenue, Ottawa, ON. K1Z 8P9, (613) 722-2070 |
