Business
Advantex to raise capital for Canadian growth initiatives
Advantex to raise capital for Canadian growth initiatives.
About this update from Advantex Marketing International Inc.
[{"type":"text","content":"\n\n\n\n\nADX: TSX\n\nTORONTO, Jan. 26 /CNW/ - Advantex Marketing International Inc. (TSX:ADX)\ntoday announced that it has engaged Notre-Dame Capital as its exclusive agent\nto raise up to $2,000,000 by way of a private placement of common shares of\nAdvantex, subject to the filing of definitive transaction documentation. Under\nthe terms of the private placement, Advantex will issue common shares at\n$0.081, the volume weighted average price (VWAP) for the five-days prior to\nthe agreement. Proceeds from the private placement will be used for general\nworking capital purposes and to fund growth initiatives in the Canadian\nmarket.\nIn addition, Advantex has engaged Notre-Dome Capital to act as its\nexclusive agent in offering a private placement of non-convertible secured\ndebentures (\"Debentures\") of the Corporation, in an amount of up to\napproximately $5,000,000 which will rank behind the Company's currently\noutstanding convertible debentures. The non-convertible secured debentures\nwill be sold with Common Share purchase warrants attached which if exercised\nin full would represent aggregate subscription proceeds equal to approximately\nfifteen percent (15%) of the value of the Debentures sold. Proceeds from the\nDebenture offering will be used to fund growth initiatives in the Canadian\nmarket such as expanding of the Company's current product offering and\ndeveloping adjacent merchant vertical markets.\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 financi...