Business
Route1 Announces Closing of $7.8 Million Private Placement
/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, N...
About this update from Route1 Inc.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE\n\n\nUNITED STATES/\n\n\nTORONTO, Nov. 7 /CNW/ - Route1 Inc.(TM) (TSX-V:ROI), the trusted provider\nof security and identity management network solutions, today announced that it\nhas completed its private placement offering, announced on October 15, 2007,\nof 64,720,666 units ("Units") at a price of $0.12 per Unit for total gross\nproceeds of $7,766,480. Each Unit is comprised of one (1) common share and\none-half (0.5) common share purchase warrant (a "Warrant"). Each whole Warrant\nis exercisable into one common share at a price of $0.155 per share for a\nperiod of 2 years from the date of closing.\n\n\nThe offering was conducted through a syndicate of agents led by Raymond\nJames Ltd. and included GMP Securities L.P. and Laurentian Bank Securities\nInc. (collectively the "Agents"). The Agents were paid a cash commission equal\nto seven percent (7%) of the gross proceeds raised pursuant to the offering\nand have been granted non-assignable common share warrants equal, in\naggregate, to six percent (6%) of the number of Units sold.\n\n\nThe common shares have been conditionally approved for listing on the TSX\nVenture Exchange Inc. (the "Exchange"), subject to compliance with the normal\nrequirements of the Exchange. The Units sold pursuant to the private placement\nwill be subject to resale restrictions in accordance with applicable\nsecurities law and stock exchange requirements.\n\n\nABOUT ROUTE1 INC.\n\n\nRoute1 is the trusted provider of security and identity management\nnetwork solutions that are redefining today's digital landscape. At the heart\nof Route1's solutions is MobiNET, a communications and service delivery\nplatform focused on identity management and entitlement-based access to\nresources. Leveraging the power of MobiNET is the award-winning MobiKEY, an\nultra-portable computing device that securely connects users to the myriad of\nMobiNET services from any Internet-enabled Windows-based PC. This\npatent-pending computing solution is embedded on a smart-card enabled,\ncryptographic USB device, making it one of the most powerful and easy-to-use\nsecure computing solutions available today. MobiKEY enables users to connect\nto their desktop data, applications, network resources, and web content...