Business
Advantex closes $3 million private placement, over-subscribed by $1 million
Advantex closes $3 million private placement, over-subscribed by $1 million.
About this update from Advantex Marketing International Inc.
[{"type":"text","content":"\n\n\n\n\nADX: TSX\n\nTORONTO, March 14 /CNW/ - Advantex Marketing International Inc. (TSE:ADX)\nis pleased to report that its previously announced private placement financing\nof common shares is now closed. The size of the offering was increased from\nthe original $2,000,000 to $3,000,000 as a result of over-subscriptions. Under\nthe placement, Advantex issued an aggregate of 37,037,037 common shares at a\nprice of $0.081 per share.\n\"We are pleased with the strong response and confidence expressed by the\ninvestment community in the Company,\" said G. Randall Munger, Chairman and\nChief Executive Officer of Advantex. \"The completion of this financing is a\nkey step toward achieving our growth strategy.\"\nThe net proceeds from the private placement will be used for general\nworking capital purposes and to fund growth initiatives in the Canadian\nmarket. Notre-Dame Capital acted as the Company's exclusive agent in\nconnection with the funds raised in Canada in this private placement.\n\nAbout Advantex Marketing International Inc.\n\nAdvantex Marketing International Inc. is a leading marketing services\ncompany, specializing in integrated marketing solutions for its Merchant and\nChannel Partner clients. Advantex offers a range of products and services\nincluding coalition loyalty rewards programs, online shopping malls, direct\nmarketing, online and email promotion; and data capture and award processing\nsystems. Advantex loyalty partners include CIBC, United Airlines, Delta Air\nLines, The New York Times, and other major North American corporations, as\nwell as a growing list of restaurants, online retailers, golf courses, small\ninns and resorts. Advantex is a public company, traded on the Toronto Stock\nExchange under the symbol \"ADX\". For additional information on Advantex,\nplease visit www.advantex.com.\n\nThis press release may include statements about expected future events\nand/or financial results that are forward-looking in nature and subject to\nrisks and uncertainties. Advantex cautions that actual performance will be\naffected by a number of factors, many of which are beyond its control. Future\nevents and results may vary substantially from what Advantex currently\nforesees. Discussion of the various factors that may affect future results is\ncontained in Advantex's recent filings with Canadian securities re...