NetCents Technology Announces Private Placement of Units

NetCents Technology (CSE:NC) has announced a non-brokered private placement of up to 1.5 million units at $1.00 each for proceeds of C$1.5 million.

As quoted in the press release:

Each Unit will be comprised of one (1) common share of the Company (a “Share“) and one (1) common share purchase warrant of the Company (a “Warrant“).Each Warrant will be exercisable into one (1) common share of the Company (a “Warrant Share“) at an exercise price of $1.25 for a period of 24 months from the closing date of the Offering. The Company will be entitled to accelerate the expiry date of the Warrants to the date that is 30 days following the date a news release is issued announcing the accelerated expiry date in the event that the volume weighted average closing price of the Shareson the Canadian Securities Exchange (the “Exchange“) has been greater than $1.50 for any 20 consecutive trading days after four months and one day from the closing of the Offering.

The Company may pay a finder’s fee on the Offering within the amount permitted by the policies of the Exchange.

All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day following the closing date ofthe Offering in accordance with applicable securities legislation. Completion of the Offering is subject to a number of conditions, including, but not limited to, the receipt of all regulatory approvals, including the approval ofthe Exchange.

The Company intends to use the proceeds from the Offering for general working capital.

Click here to read the full press release.