TSX VENTURE: IWG
BURNABY, BC, Sept. 2 /CNW/ - International Water-Guard Industries Inc. (IWG) has closed a private placement of $500,000 , President & Chief Executive Officer David C. Fox announced.
"Throughout 2008, we have been engaged in an accelerated product development cycle to enhance our position as the premier provider of aircraft water treatment and system solutions. This previously-announced placement adds to our ability to rapidly execute our growth plans," Fox said. "In addition, we are very pleased to announce that a significant portion of the placement has been taken up by the Pender Growth Fund. We see this as another vote of confidence in our development as a company and in our future prospects."
The Pender Growth Fund (VCC) Inc. has subscribed to $350,000 of the placement. Pender is an established and diversified venture capital fund that invests in B.C. technology companies with the objective of long-term capital appreciation. The Fund has approximately $30 million of assets under management (see http://penderfund.com/ ).
The securities issued under this private placement consist of 5,000,000 common shares priced at $0.10 per share, each with one warrant exercisable at $0.17 for a period of 2 years. The shares and warrants each have a hold period of four months expiring on December 28, 2008 .
As well as using the proceeds to finance the Company's product development program, funds will be used for sales and marketing initiatives, working capital, general corporate purposes and for expenses of the issue. Directors and management also participated in the private placement.