Business
Minaean Announces Brokered Private Placement of Units
Minaean Announces Brokered Private Placement of Units
About this update from Global Power Solutions Corp
[{"type":"text","content":"Minaean Announces Brokered Private Placement of Units\n\n\n\nMinaean Announces Brokered Private Placement of Units\n\nVancouver, British Columbia CANADA, April 24, 2008 /FSC/ - Minaean International Corp. (MIB - TSX Venture), is pleased to announce a combined brokered and non-brokered private placement to raise gross proceeds of up to $2,000,000 with the brokered portion to be led by First Canadian Capital Markets Ltd. (the \"Finder\").\n\nPursuant to the financing, Minaean will issue up to 7,272,727 units of the Company (the \"Units\") at a price of $0.275 per Unit. Each Unit will consist of one common share and three-quarters of one share purchase warrant of the Company. Each whole share purchase warrant will entitle the holder to purchase one common share at a price of $0.45 for a period of two years from the date of closing.\n\nOf the Units above, 400,000 units will be carried out on a non-brokered basis bearing the same terms.\n\nThe Finder will be paid a finder's fee of 7.5% of the gross proceeds raised, payable in cash, and broker warrants equal to 8% of the aggregate number of Units sold. Each broker warrant will entitle the Finder to acquire one Unit at an exercise price of $0.275 for a period of two years from the closing date.\n\nA finder's fee of 7.5% will be paid in cash on the non-brokered portion of the private placement.\n\nThe proceeds from the private placement will be used to fund the Company's operations in India and North America and for working capital purposes.\n\nThe private placement is subject to regulatory approval. \n\nAbout Minaean\n \nMinaean International Corp. is an innovator of rapid, efficient building systems using cold formed steel technologies. Currently, Minaean has four systems: the 'Vesta Quik-Build' (patent under process), 'Artisan Quik-Build', 'Modular Quik-Build' and 'Artisan Composite System'. \n\nMinaean provides an all encompassing in-house design, engineering, prefabrication, supply and installation of modular buildings and light gauge steel load bearing wall panels with flooring systems capable of being assembled, delivered and installed within 7 to 10 days. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries and disaster-stric...