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Active Control closes $815,760 private placement financing
Jun 24, 2009 02:15PM
ACTIVE CONTROL TECHNOLOGY INC.
Transmitted by CNW Group on : June 24, 2009 13:50 Active Control closes $815,760 private placement financing
TORONTO, June 24 /CNW/ - Active Control Technology Inc. ("ACT" or the "Company") (TSX-V:ACT) is pleased to announce that further to the press releases dated June 5 and 8, 2009 regarding the swap with Mr. Richard Hazell, Chairman of ACT, the private placement (the "Offering") has closed today for gross proceeds totalling $815,760. The Company issued 3,708,000 units (each a "Unit") of ACT, at a price of CDN$0.22 per Unit. Each Unit consists of one common share and one-half of a common share purchase warrant exercisable for 24 months at $0.25 per share. The Company paid a finder's fee totaling $57,103 in cash together with 259,560 Compensation Units to Aberdeen Gould Capital Markets Ltd. ("AGCM") as a finder. Each Compensation Unit entitles AGCM to purchase a Unit on the same terms as the Offering for two years from Closing. The units issued to Mr. Hazell are from treasury and their underlying securities will be restricted from trading until at least October 10, 2009. The funds received from this private placement will be used for general working capital purposes.
About Active Control Technology
Active Control Technology is a mining services company specializing in advanced wireless productivity and safety systems. The company's MSHA-approved ActiveMine system provides two-way wireless voice communication, real-time tracking of personnel and assets, and high bandwidth data applications such as streaming video and operational data from mining machinery, over a robust wireless Wi-Fi network. Located in Burlington, Ontario, Canada, Active Control trades publicly on the TSX Venture Exchange under the symbol ACT. For more information, visit www.activecontrol.com.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.