TORONTO, ONTARIO--(Marketwire - Oct. 7, 2011) - Gemoscan Canada, Inc. ("Gemoscan" or the "Corporation") (CNSX:GES) is pleased to announce that, in compliance with CNSX policies, the closing of the second tranche of its previously disclosed non-brokered private placement is scheduled for October 12, 2011 for gross proceeds of Cdn.$84,000 (the "Offering"). Under the Offering, the Corporation issued 240,000 units (the "Units") at Cdn.$0.35 per Unit. Each Unit consisted of one Class A share ("Common Share") and one half of one Common Share purchase warrant (the "Warrants"). Each whole Warrant will entitle the holder to purchase one Common Share of the Corporation (the "Warrant Share") at a price of Cdn.$0.55 per Warrant Share and all Warrants will expire no later than October 12, 2013.
In connection with the closing of the first and second tranches of the Private Placement, finder's fees in the aggregate of Cdn.$49,280 will be paid in a combination of cash and securities. The Private Placement and finder's fees are subject to applicable regulatory approvals.
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 23,159,633 Common Shares outstanding.
Gemoscan is a company listed and trading on the Canadian National Stock Exchange, symbol: GES.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.