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BioteQ Environmental Technologies Inc. - Completion of Private Placement of Units
BioteQ Environmental Technologies Inc. - Completion of Private Placement of Units.
About this update from Bqe Water Inc
[{"type":"text","content":"\n\n\n\n\nVANCOUVER, Dec. 9 /CNW/ - BIOTEQ Environmental Technologies Inc. \n(BQE:TSX-V) (the \"Company\") is pleased to announce, further to its news\nrelease of November 10, 2005, that it has closed its private placement of\n6,388,888 units (the \"Units\") at a price of $0.90 per unit for gross proceeds\nof $5,749,999.20. Each Unit is comprised of one common share in the capital of\nthe Company and one-half of one transferable share purchase warrant with each\nwhole warrant entitling the holder to acquire one additional common share for\na period of two years from December 8, 2005 at a price of $1.25 per share. The\nproceeds of the offering are to be used by the Company for its corporate\nworking capital purposes. Canaccord Capital Corporation and Canaccord\nInternational Ltd. acted as the Company's agents (collectively, the \"Agents\")\nfor the private placement and in consideration thereof the Company paid a cash\ncommission of 8% of the gross proceeds raised, an administration fee of $5,000\nplus reimbursement of expenses and issued 115,000 common shares along with\nwarrants to purchase an additional 115,000 common shares for a period of two\nyears from December 8, 2005 at an exercise price of $1.25 per share and issued\nan Agents' option to purchase up to 638,888 common shares in the capital of\nthe Company for a period of two years from December 8, 2005 at an exercise\nprice of $0.90 per share.\nEach of the shares comprising the Units and shares issued to the Agents\n(along with any additional shares which may be acquired upon the exercise of\nwarrants issued to the purchasers of the private placement and the Agents and\nupon the exercise of the Agents' Option) are subject to a hold period under\napplicable securities legislation which expires April 9, 2006.\n\nCorporate Profile\n-----------------\n\nBioteQ is establishing itself as a leader in the treatment of acid\ncontaminated water through the use of its patented BioSulphide(R) Process.\nFocused on the mining industry, BioteQ has partnered with leading metal\nproducers including Phelps Dodge, Breakwater and Falconbridge as well as\nutilities operator EPCOR Water Services, to finance, design, build and operate\nmine site water treatment plants which recover saleable metals in addition to\nmeeting ever stricter environmental regulations.\n\nOn behalf of the Board of Dir...