BROSSARD, QUEBEC--(Marketwire - Nov. 2, 2010) - Biotonix (2010) Inc. (TSX VENTURE:BTX) ("Biotonix"), a leader in postural health and fitness, today announced a first closing of $CAD 295,999 of its $CAD 1.4 million non-brokered private placement of units previously announced on October 21, 2010, and a first closing of $CAD 651,201 of its $CAD 1.0 million brokered private placement of units with Industrielle Alliance Securities Inc. previously announced on October 5, 2010.
A total of 493,332 common shares and 246,666 warrants were issued in connection with the $CAD 295,999 first closing, and 1,085,335 common shares and 542,668 warrants were issued in connection with the first closing of $CAD 651,201. The securities issued pursuant to these offerings will be subject to a 4-month restricted period.
The Company expects the final closing of the non-brokered private placement to occur on or around December 6, 2010, and the final closing of the brokered private placement to occur on or around November 22, 2010.
Each unit, priced at CAD $0.60, was comprised of one common share of Biotonix and one-half common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase one common share of the Company at CAD $1.00 for a period of 24 months following the closing of the offerings. The units were offered to accredited investors in the Provinces of Quebec and Ontario.
Total net proceeds of the offerings will be used for bringing to market Biotonix online self-evaluation tools for posture and fitness, and working capital purposes.
Finders' fees in cash totalling $CAD 24,599 were paid in connection with the non-brokered placement, and a cash commission of $CAD 58,608 was paid to Industrial Alliance Securities Inc. in connection with the brokered private placement.
Biotonix (TSX VENTURE:BTX) offers innovative health solutions for posture correction and fitness using a web-based imaging software technology. Biotonix is currently developing novel orthotics for the back and foot, also geared specifically toward improving posture. For more information please visit www.biotonix.com or www.golfprint.ca
BIOTONIX'S FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While Biotonix anticipates that subsequent events and developments may cause its views to change, Biotonix specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws
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.