TORONTO, ONTARIO--(Marketwire - Aug. 8, 2012) - Privinvest Offshore SAL (Holding) ("Privinvest") entered into a subscription agreement with VendTek Systems Inc. ("VendTek") pursuant to which Privinvest purchased by way of private placement in reliance on the minimum amount investment exemption (the "Offering") 3,750,000 units of VendTek (each, a "Unit") at an issue price of $0.11 per Unit, representing aggregate gross proceeds to VendTek of $412,500. Each Unit is comprised of one common share in the capital of VendTek (the "Common Shares") and one-half of one common share purchase warrant of VendTek (each, a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.20 per share, subject to adjustment, for a period of eighteen months from the date of closing.
As a result of the closing of the Offering, Privinvest now owns and exercises control over an aggregate of 19,203,833 Common Shares, $750,000 principal amount of Debentures and 4,126,666 Warrants, representing approximately 38.45% of the issued and outstanding Common Shares (assuming the conversion of $750,000 principal amount of Debentures at a price of $0.64 per share and the exercise of all of the Warrants).
Privinvest acquired the Units for investment purposes only. Depending on market and other conditions, Privinvest may from time to time in the future increase or decrease its ownership, control or direction over, or exercise its current rights to acquire, the Common Shares or other securities of VendTek, through market transactions, private agreements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Maitre Maroun Haddad
157 Marfaa - Rue 73, Saad Zaghloul Street, Solidere
Beirut, Lebanon 2012 7306
00961 3 684600
Fax: 00961 4 860614