Precision Enterprises Inc.
TSX VENTURE : PSC.H

May 13, 2011 15:29 ET

Precision Closes $765,270 Equity Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Precision Enterprises Inc. (TSX VENTURE:PSC.H) (the "Company") announces that on May 12, 2011, the Company received acceptance from the TSX Venture Exchange to a private placement financing for gross proceeds of $765,270. At the request of the TSX Venture Exchange, in order to comply with both NEX and CPC Policies the financing was reduced from $900,000 (as disclosed in the Company's April 21, 2011 News Releases) to $765,270, and was further amended by excluding warrants that were to be issued in connection with the financing.

Accordingly, and in accordance with the provisions of the Subscription Agreements and Amending Agreements received, on May 13, 2011 the Company issued a total of 5,101,800 common shares at $0.15 per share, which shares will be subject to a hold period under applicable Canadian securities laws expiring on September 14, 2011, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.

In connection with the financing, the Company will pay a total of $69,350 cash as finders' fees.

ON BEHALF OF THE BOARD

Joe DeVries, President and CEO

Neither 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.

Contact Information

  • Precision Enterprises Inc.
    Joe DeVries
    President and CEO
    (604) 718-2800
    (604) 718-2808 (FAX)