NR..$394,500 at .01 units w/warrants at $.05 in 1 year...our new target
posted on
Oct 10, 2009 04:31PM
Austin Developments Corp. (the “Company”) announces the closing of a private placement
of 39,450,000 units at a price of $0.01 per unit for gross proceeds of $394,500. Each unit
consists of one common share of the Company and one non‐transferable share purchase
warrant entitling the holder to purchase one additional common share of the Company for a
period of one year, expiring on October 2, 2010 at a price of $0.05 per share. The shares and
shares issued on the exercise of warrants will be subject to a hold period that will expire on
February 3, 2010.
The proceeds of the private placement will be used for general working capital
