Business
BSM Announces Closing of Private Placement Financing
BSM Announces Closing of Private Placement Financing.
About this update from Great Plains Metals Corp.
[{"type":"text","content":"\n\n\n\n\nWebsite: www.bsmtechnologies.com\n\nSymbol: GPS (TSX-V)\n\nMISSISSAUGA, ON, Jan. 26 /CNW/ - BSM Technologies Inc., (GPS: tsx-v)\n(http://www.bsmtechnologies.com) a leading provider of high security vehicle\ntracking and surveillance solutions today announced that it has closed its \nnon-brokered private placement financing previously announced on December 21,\n2005. The Company has issued 8,246,664 units priced at $0.15 per unit, for\ngross proceed of $1,237,000, with each unit comprised of one common share and\none warrant to purchase a further common share at $0.20 until January 23,\n2008. The securities issued are legended and restricted from trading until\nMay 24, 2006. A $92,249.97 cash commission was paid as a finder's fee for the\nfinancing. As a result of this financing, the current issued and outstanding\ncapital of the Company is 42,199,042 common shares.\nOnbelay Partners Limited, the lead investor in this private placement,\nsubscribed for 3,333,333 units in this private placement. In addition, BSM has\nappointed Aly Rahemtulla, President of Onbelay Partners Limited, a director of\nBSM under the terms of the financing. In addition, John Bell, Chairman of\nOnbelay Partners Limited, will be nominated as a director of BSM at the Annual\nand Special Meeting of shareholders of BSM to be held on February 24, 2006.\nAs a result of the transaction, Onbelay Partners Limited currently holds\n3,333,333 common shares and 3,333,333 warrants and has the ability to acquire\n14.64% of the capital of the Company on a diluted basis. Onbelay Partners\nLimited has informed the Company that except as disclosed herein, it has\nacquired the common shares for investment purposes and that it may decrease or\nincrease its beneficial ownership, control, or direction over common shares of\nthe Company through market transactions, private agreements, exercise of\noptions, other treasury issuances or otherwise.\n\"We are excited at the prospect of helping BSM execute on its business\nplan. The Company has fantastic technology, a talented and committed\nmanagement team, and a very full sales pipeline. Onbelay Partners Limited,\nalong with hedge fund K2 & Associates and investment firm Marquest, bring BSM\nfinancial capital, experience in managing rapid sales growth, and wide\nreaching contacts in the wireless space and capital market...