Cenit Corporation

Cenit Corporation

April 16, 2007 09:06 ET

Cenit Announces Final Closing Under Private Placement

TORONTO, ONTARIO--(CCNMatthews - April 16, 2007) - Cenit Corporation (TSX VENTURE:CNT)(PINK SHEETS:CNTGF) ("the Company") announced today the final closing of its private placement under which the Company raised $240,000 which amount includes $40,000 invested by senior management.

Proceeds from the private placement will be used to fund a new product launch into the North American hospital sector and general working capital purposes.

Units were priced at $0.10 and consist of one common share and one common share purchase warrant exercisable at $0.15 for a term of two years from closing. A total of 2,400,000 common shares and 2,400,000 common shares purchase warrants (expiry dates range from March 9, 2009 to April 2, 2009) were issued pursuant to the private placement. A finders fee consisting of $8,000 and 100,000 warrants exercisable at $0.10 (half of which expire March 9, 2009 and the balance April 2, 2009) was payable pursuant to the initial closing.

About Cenit Corp.

Cenit Corporation is a Canadian holding company with three subsidiary operating companies: Blue Port Technologies Inc. (BP), Continental Asset Management Inc. (CAM) and Health Promotions Strategies Inc. (HPSI). BP is an Enterprise Software and IT Services and Consulting company. CAM is a vendor of point of sale systems. HPSI is a registered gaming supplier providing fundraising services to 150 charitable organizations through the distribution of charity lottery tickets.

Shares Outstanding: 21,376,327

"The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release"

Contact Information

  • Cenit Corporation
    J. Birks Bovaird
    (416) 214-9152
    Cenit Corporation
    Tim Campbell
    (416) 214-9152
    Website: www.cenitcorp.com