Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc.

June 01, 2005 01:03 ET

Cell-Loc Location Technologies Announces $3,400,000 Non-Brokered Private Placement

CALGARY, ALBERTA--(CCNMatthews - June 1, 2005) - Cell-Loc Location Technologies Inc. (TSX VENTURE:LTI) ("CLTI" or the "Company"), a leading developer of network-based wireless location technology that enables location-based services, today announces a non-brokered private placement consisting of up to 20,606,061 units ("Units") in the capital of the Corporation for gross proceeds of up to $3,400,000 at a price of $0.165 per Unit (the "Offering").

The purchasers of the private placement will include directors and officers of the Company, including the President and CEO, for up to $1,000,000. The President's participation is subject to approval by the shareholders at the Company's annual and special meeting to be held on June 1, 2005.

Each Unit consists of one common share of ("Common Share") and one half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.22 per Common Share, subject to adjustment in certain events, at any time on or before 4:30 p.m. (Calgary time) on the 18 month anniversary of the closing of the Offering, subject to adjustment in certain events.

Subject to receipt of approval for the Offering from the TSX Venture Exchange, the securities will be offered for sale in the Provinces of Alberta, British Columbia and Ontario and such other jurisdictions as the Corporation may decide, pursuant to certain exemptions from the registration and prospectus requirements of applicable securities laws. The private placement is expected to close on or about June 2, 2005. The Common Shares issuable as part of the Units, and on conversion of the Warrants, are subject to a 4 month hold period from the date of closing.

As a result of closing this equity financing, to date the Company has elected not to draw down on the previously announced debenture financing.

About Cell-Loc Location Technologies Inc.

Cell-Loc Location Technologies Inc. (www.cell-loc.com) is the developer of a family of network-based wireless location products that enable location-based services. Located in Calgary, Alberta, Cell-Loc currently develops, markets and supports its patented wireless location technology in North and South America and Asia, with a view to expanding globally. Cell-Loc is listed on the TSX Venture Exchange under the trading symbol: "LTI."

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Forward Looking Statements: This news release contains certain information that may constitute forward-looking statements under applicable securities laws. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the results anticipated or implied herein and variations may be material. There is no representation by the Company that actual results achieved will be the same in whole or in part as those implied in any forward looking statements.

TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.

Contact Information

  • Cell-Loc Location Technologies Inc.
    Dave Guebert
    Vice President, Finance and CFO
    (403) 569-5796
    Website: http://www.cell-loc.com