RS Completes Equity Offering

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[{"type":"text","content":"\n\n\n\n Feb. 18, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, Feb. 18 /CNW/ - RS Technologies Inc. ("RS" or the "Company")\n (RS - TSX), a technology innovator and manufacturer of advanced\n composite products for infrastructure markets, today announced the\n closing of its previously announced private placement equity offering.\n At closing, a total of 1,300,000 units of RS were issued at a price of\n $0.84 per unit, for total gross proceeds of $1.092 million. Each unit\n of RS consisted of one common share and one common share purchase\n warrant, each warrant entitling the holder thereof to acquire one\n common share of RS at a price of $1.03 per share until February 18,\n 2013. RS issued 743,600 units to arm's length subscribers of RS and\n 556,400 units to directors and officers of RS. The securities of RS\n issued pursuant to the private placement are subject to a hold period\n under Canadian securities laws until June 19, 2011.\n\n\nRS intends to use the proceeds of the offering to fund its working\n capital needs to enable it to continue as a going concern until the\n middle of April 2011. This will provide RS and its financial advisor,\n Macquarie Capital Markets Canada Ltd., with additional time to identify\n investors and strategic partners to provide the Company with a long\n term solution for its working capital needs. There is no assurance that\n RS and its financial advisor will be successful in completing a\n transaction with any ...

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