CALGARY, ALBERTA--(Marketwired - April 12, 2017) - GEA Technologies Ltd. (NEX:GEA.H) ("GEA" or the "Company") announces a non-brokered private placement (the "Private Placement") of up to 2,000,000 Class A common shares at a subscription price of $0.05 per share, for gross proceeds of $100,000, subject to TSX Venture Exchange approval.
Certain directors, officers or other insiders of the Company may participate in the Private Placement and, collectively, their participation may exceed 25% of the total amount of the financing.
The proceeds from the Private Placement will be used to fund the working capital requirements of the Company. All securities issued pursuant to the Private Placement will be subject to a standard statutory four month hold period in accordance with applicable securities laws. Closing of this Private Placement may occur in one or more tranches.
The Company also announces the grant of an aggregate of 880,000 options to acquire common shares of the Company to officers, directors and consultants of the Company, each such option being exercisable at a price of C$0.06 per common share for a five-year term expiring on April 11, 2022. The stock options have all vested immediately upon the date of grant. The stock options, and any common shares issued upon exercise of the stock options, are subject to a four-month hold period expiring on August 12, 2017.
Forward Looking Statements
This news release contains forward-looking statements. The Corporation has provided the forward- looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Corporation will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
Trading in the securities of GEA TECHNOLOGIES LTD. should be considered highly speculative.
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.