Business
Cyberplex announces proposed private placement
Cyberplex announces proposed private placement.
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[{"type":"text","content":"\n\n\n\n\nTORONTO, June 22 /CNW/ - Cyberplex Inc. (TSX: CX) (the \"Company\" or\n\"Cyberplex\"), a North American technology consulting firm, announces that it\nwill be undertaking a proposed private placement to raise up to $3,250,000.\nThe private placement will be undertaken by way of a unit offering, with each\nunit (a \"Unit\") priced at $0.40 and comprised of one common share and one-half\nwarrant, with each whole warrant (\"Warrants\") entitling the holder to acquire\none additional common share at the price of $0.60 for a period of 18 months\nfrom the closing date. Up to 8,125,000 Units will be offered.\nCyberplex has received a lead subscription agreement from an arm's length\nsubscriber, Robert McEwen, who will subscribe for $3,000,000, representing\n7,500,000 Units (7,500,000 common shares and 3,750,000 Warrants). Assuming\nexercise of the 3,750,000 Warrants held by the Subscriber and combined with\ncurrent shareholdings of 3,000,000 common shares, such subscriber will own\n14,250,000 common shares, representing 31.4% of the issued and outstanding\ncommon shares on a partially diluted basis to reflect this private placement\nand exercise of all Warrants held by this subscriber (based on 45,418,393\ncommon shares outstanding) and accordingly will become the largest shareholder\nof the Company.\n\"We are very excited about bringing an investor like Mr. McEwen into\nCyberplex.\" said Geoffrey Rotstein, chief executive officer of Cyberplex.\n\"With his vast network of relationships and the additional capital raised\nthrough this private placement, we are focussed on aggressively growing our\nexisting businesses and actively pursing value creating acquisitions.\"\nMr. McEwen is currently the Chairman and CEO of US Gold Corporation\n(OTCBB: USGL), a company focussed on becoming the premier exploration company\nin Nevada. Prior to that, he was Chairman and CEO of Goldcorp Inc. which\nmerged with Wheaton River Minerals in 2005 to become one of the most\nsuccessful combinations in the gold sector.\nThe private placement is scheduled to close on or about June 29, 2006 and\nis subject to certain conditions including, but not limited to, the receipt of\nall necessary approvals including the approval of the Toronto Stock Exchange\n(the \"TSX\"). As the private placement is deemed to materially affect control\nof the Company and th...