ILI Technologies (2002) Corp. Announces Completion of Private Placement
08 Marzo 2011 - 5:27AM
Marketwired
ILI TECHNOLOGIES (2002) CORP. (the "Corporation") (TSX VENTURE:
ILI). The Corporation is pleased to announce that it has closed the
final tranche of its previously announced non-brokered private
placement. The Corporation issued 2,470,167 units of the
Corporation (the "Units"), at a price of $0.15 per Unit, for
aggregate gross proceeds of $370,525. Each Unit consists of one
common share of the Corporation (the "Common Shares") and one-half
of one share purchase warrant (the "Warrant"). Each whole Warrant
entitles the holder thereof to purchase one Common Share at an
exercise price of $0.25 for a period of 2 years, provided that, in
the event the closing price of the Common Shares is not less than
$0.40 for a period of 10 consecutive trading days, the expiry date
of the Warrants shall be accelerated to 30 days after the
Corporation issues a press release announcing the acceleration of
the expiry date.
The Corporation paid fees to brokers and finders by way of a
cash payment of $51,873.50 and by the issuance of 345,823 broker's
warrants. Each broker's warrant entitles the holder to purchase one
Unit at a price of $0.15 until March 7, 2013.
The Corporation intends to use the net proceeds from the private
placement for expansion of the CBM division located in Gillette,
USA and the Corporation's marketing initiatives in Mexico, as well
as for general working capital.
The Common Shares and Warrants are subject to a four (4) month
hold period expiring on July 8, 2011.
We seek safe harbour.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: ILI Technologies (2002) Corp. Phil D'Angelo President
(403) 543-0060 (403) 543-0069 (FAX) phil@ilitech.com
www.ilitech.com
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