Business
Resin Systems Prices Equity Offering
Resin Systems Prices Equity Offering.
About this update from Real Estate Split Corp Class A
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISTRIBUTION IN\n\n\nTHE UNITED STATES/\n\n\nCALGARY, March 12 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX / RSSYF -\nOTCBB), a composite products innovation company, today announced that it has\nfinalized the terms of its marketed private placement of common shares of RS\non a best efforts agency basis announced in its press release dated\nFebruary 27, 2007. Kingsdale Capital Markets Inc. and Research Capital\nCorporation (the "Agents") are acting as agents in connection with the\noffering. RS intends to sell up to 35,000,000 common shares from treasury at a\nprice of $1.00 per share for total gross proceeds of up to $35 million.\nParticipation in the offering by holders of RS's unsecured promissory notes\nissued January 12, 2007 in the aggregate principal amount of $5 million will\nreduce the amount to be raised by the Agents. It is anticipated that closing\nof the private placement will occur on or about March 29, 2007. Completion of\nthe private placement is subject to certain conditions including the receipt\nof all necessary regulatory approvals. All of the common shares issuable\npursuant to the private placement will be subject to a hold period of four\nmonths and one day from the closing date.\n\n\nAll of RS's directors and the chief executive officer will participate in\nthe private placement for an aggregate amount of up to $4.75 million.\n\n\nRS intends to use the proceeds of the proposed offering to fund:\n\n\n - its share of the activities related to the relocation of its\n RStandard(TM) manufacturing to southwest Ontario;\n - the start-up costs and capital expenditures required to start\n manufacturing its VRoll(TM) composite tubes;\n - the repayment of RS's unsecured promissory notes issued January 12,\n 2007 held by holders who do not exercise their rights to participate\n in the common share offering; and\n - general working capital.\n\n\nThe securities offered have not been and will not be registered under the\nUnited States Securities Act of 1933, as amended (the "U.S. Securities Act"),\nand may not be offered or sold within the United States or to, or for the\naccount or benefit of, U.S. persons except in certain transactions exempt from\nthe registration requirements of the U.S. Securities Act.\n\n\nAbout RS\n\n\nRS...