Gemoscan Canada, Inc.
CNSX : GES

Gemoscan Canada, Inc.

April 14, 2011 13:26 ET

Gemoscan Canada, Inc. Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwire - April 14, 2011) - Gemoscan Canada, Inc. ("Gemoscan" or the "Corporation") (CNSX:GES) (MUN:1GE) is pleased to announce that, in compliance with CNSX policies, the closing of its previously disclosed non-brokered private placement is scheduled for April 15, 2011 for gross proceeds of Cdn.$405,000 (the "Offering"). Under the Offering, the Corporation issued 1,012,500 units (the "Units") at Cdn.$0.40 per Unit. Each Unit consisted of one Class A common share ("Common Share") and one Common Share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one Common Share of the Corporation (the "Warrant Share") at a price of Cdn.$0.60 per Warrant Share for a period of 24 months. All Warrants will expire no later than April 15, 2013.

Proceeds from the Private Placement will be used to enhance the Corporation's cash position and strengthen its working capital position. The securities issued will be subject to a four-month plus one day hold period from the date of closing. Post closing, Gemoscan has a total of 19,077,757 Common Shares outstanding.

The Corporation paid no finder's fees in connection with the Offering.

The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.

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