ForceLogix Technologies Inc.

December 23, 2009 12:13 ET

ForceLogix Technologies Inc. Announces Completion of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2009) -

NOT FOR DISSEMINATION IN THE UNITED STATES

ForceLogix Technologies Inc. (the "Company") is pleased to announce that it has closed the final tranche of its previously announced private placement (the "Offering") of units (the "Units") for gross proceeds of $175,000. Combined with the previously announced closing (see press release dated December 10, 2009), the Company has received aggregate gross proceeds of $438,900 from the Offering.

With the closing of the final tranche of the Offering, an aggregate of 4,389,000 Units have been issued at a purchase price of $0.10 per Unit in the Offering. Each Unit consists of one common share in the capital of the Company ("Common Share") and three-quarters (3/4) of one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional Common Share from the Company (the "Warrant Shares") at a price of $0.20 per Warrant Share for a period of 24 months from the date of issuance. The Units sold in the final tranche are subject to a four month hold period expiring April 24, 2010.

Blackmont Capital Inc. ("Blackmont"), as agent, received a cash commission equal to 8% of the gross proceeds raised and options ("Agent's Options") in the amount of 8% of the Units sold under the final tranche of the Offering. The Agent's Options entitle Blackmont to acquire Common Shares of the Company (the "Agent's Option Shares") at a price of $0.10 per Agent's Option Share until December 23, 2011.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction. The securities offered have not been, and will not be, registered under the securities laws of the United States of America or any state thereof, and may not be offered or sold in the United States of America absent registration or the availability of an exemption from such registration.

Neither the 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

Contact Information

  • ForceLogix Technologies Inc.
    Mr. Patrick Stakenas
    President and Chief Executive Officer
    (847) 281-9307