Business
Minaean Announces Closing of First Tranche of Private Placement of Units
Minaean Announces Closing of First Tranche of Private Placement of Units
About this update from Global Power Solutions Corp
[{"type":"text","content":"Minaean Announces Closing of First Tranche of Private Placement of Units\n\n\n\nMinaean Announces Closing of First Tranche of Private Placement of Units\n\nVancouver, British Columbia CANADA, May 09, 2008 /FSC/ - Minaean International Corp. (MIB - TSX Venture), is pleased to announce that it has closed the first tranche of its combined brokered and non-brokered private placement of units initially announced on April 24, 2008 for gross proceeds of $981,349,87. The brokered portion of the private placement was led by First Canadian Capital Markets Ltd. (the \"Finder\"). The TSX Venture Exchange conditionally approved the private placement on April 29, 2008.\n\nThe Company issued 3,568,545 units (each a \"Unit\") at a price of $0.275 per Unit, of which 3,327,636 Units were sold on a brokered basis by the Finder. Each Unit consists 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 closing date.\n\nIn connection with the private placement, the Company paid to the Finder, cash finder's fees of $68,632.49 (representing 7.5% of the gross proceeds of Units sold to persons introduced by the Finder) and finder's warrants entitling the Finder to purchase up to 266,210 Units at an exercise price of $0.275 for a period of two years from the closing date. The Company also paid certain other finders cash finder's fees of $4,968.75 (representing 7.5% of the gross proceeds of Units sold to persons introduced by these finders) on the non-brokered portion of the private placement.\n\nThe securities issued under the private placement are subject to a four month hold period expiring on September 10, 2008.\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\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-ho...