Resin Systems Increases Size of Unit Offering

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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 28 /CNW/ - Resin Systems Inc. ("RS"), (RS - TSX / RSSYF -\nOTCBB), today announced that it has increased the size of its unit offering\nannounced on November 19, 2008. RS now intends to sell by way of private\nplacement up to 10,000 units of RS at a price of $1,000 per unit for total\ngross proceeds of up to $10 million (the "Offering"). Each unit of RS consists\nof a $1,000 principal amount of 15% secured redeemable convertible debenture\n(the "Debenture") and 4,000 common share purchase warrants, each whole warrant\nentitling the holder thereof to acquire one (1) common share of RS at a price\nof $0.18 per share for a period of five years from the closing date of the\nOffering. The proceeds of the Offering will be used as working capital and for\ngeneral corporate purposes. It is anticipated that closing of the Offering\nwill occur on or about December 12, 2008. Completion of the Offering is\nsubject to certain conditions including the receipt of all necessary\nregulatory approvals, including listing on the Toronto Stock Exchange (the\n"TSX") of common shares which may be issued on exercise or conversion of\nsecurities subject to the Offering. The securities of RS issuable pursuant to\nthe Offering will be subject to a hold period of four months and one day from\nthe closing date. All of the eligible members of the Board of Directors of RS\nand certain officers of RS intend to subscribe for an aggregate of\napproximately $2.6 million of units pursuant to the Offering, including Wilmot\nMatthews, the chairman of RS, and Paul Giannelia, the president and chief\nexecutive officer of RS, who each intend to subscribe for $1.0 million of\nunits.\n\n\nThe Debentures will be due five years from the closing date and bear\ninterest at 15% per annum payable annually (each an "Interest Payment Date")\ncommencing November 30, 2009. RS will have the option, subject to regulatory\napproval, to elect to satisfy its obligation to pay such interest by issuing\nand delivering that number of freely tradeable common shares obtained by\ndividing the amount of interest by 85% of the volume weighted average trading\nprice of the common shares on the TSX for the five consecutive trading days\nending five trading days immediately preceding the Interest Payment Date.\n\n\nThe Debent...

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