Business
Resin Systems completes $5.0 million financing
Resin Systems completes $5.0 million financing.
About this update from Real Estate Split Corp Class A
[{"type":"text","content":"\n\n\n\nCALGARY, Jan. 15 /CNW/ - Resin Systems Inc. (\"RS\") (RS - TSX / RSSYF -\nOTCBB), a composite products innovation company, today announced the closing\nof its previously announced private placement. At closing, a total of 5,000\nunits (the \"Units\") of RS were issued at a price of $1,000 per Unit for gross\nproceeds of $5.0 million. Each unit of RS consisted of a $1,000 principal\namount of unsecured promissory note (the \"Note\") and 500 common share purchase\nwarrants, each warrant entitling the holder thereof to acquire one (1) common\nshare of RS at an exercise price of $1.00 per share until July 14, 2008.\n\n\nThe Notes are due and payable on July 12, 2007 (the \"Maturity Date\") and\naccrue interest at a rate of eight (8%) percent per annum payable on the\nMaturity Date. RS also has the option on the Maturity Date to repay the\noutstanding Notes by the issuance of common shares at an issue price\nequivalent to the volume weighted average trading price for the five days\npreceding the Maturity Date. Pursuant to the terms of the Notes, the\nsubscribers were granted a first right, but not the obligation, to participate\n(the \"Participation Right\") in the first public or private equity financing (a\n\"Financing\") of RS on or before the Maturity Date. Should a holder elect not\nto exercise its Participation Right, RS must repay the Notes, together with\nany accrued and unpaid interest, out of the net proceeds of the Financing.\n\n\nRS intends to use the net proceeds of the offering to fund the market\nintroduction of its VRoll(TM) product line and for general working capital\npurposes.\n\n\nKingsdale Capital Markets Inc. and Research Capital Corporation (the\n\"Agents\") acted as RS's agents in connection with the private placement. As\nconsideration for their services, the Agents were issued broker warrants to\npurchase an aggregate of 625,000 common shares of RS at an exercise price of\n$0.86 per share until July 14, 2008.\n\n\nAll of the Notes, warrants and broker warrants issued by RS pursuant to\nthe private placement are subject to a hold period until May 13, 2007.\n\n\nAbout RS\n\n\nRS is a composite product innovator. RS develops advanced composite\nproducts for large-scale industrial markets. These products replace products\nwhich traditionally have been made using conventional building blocks of wood,\ncon...