DELTA, BC, July 12, 2011 /PRNewswire/ - AirTest Technologies Inc. (the "Company") (TSX Venture: AAT) is pleased to announce the closing of the first tranche of a brokered private placement originally announced on April 12, 2011 of 7,180,000 Units for gross proceeds of $359,000 through Canaccord Genuity Corp. (the "Agent").
Each Unit consist of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable into one common share of the Company for a period of 24 months at an exercise price of C$0.10.
The Company paid the Agent a cash fee equal to 8% of the gross proceeds raised from the brokered private placement and issued to the Agent warrants (the "Agent's Warrants") equal to 10% of the Units sold. Each Agent's Warrant is exerciseable into one common share of the Company for a period of 24 months at an exercise price of $0.10. In addition, the Company issued 300,000 Units as corporate finance fee to the Agent.
The proceeds from the financings are expected to be used by the Company to support development of the new Airware zero drift sensor technology, and for general working capital purposes.The securities issued are subject to a 4 month hold period from date of issue. The date of issue was July 4, 2011 for the following securities issued;
- 5,180,000 placement shares
- 5,180,000 placement warrants
- 300,000 shares re corporate finance fee
- 300,000 warrants re corporate finance fee
- 518,000 agents warrants
- 2,000,000 placement shares
- 2,000,000 placement warrants
- 200,000 agents warrants
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