Business
Route1 Inc. Announces Closing of $5 million Private Placement
Route1 Inc. Announces Closing of $5 million Private Placement.
About this update from Route1 Inc.
[{"type":"text","content":"\n\n\n\n\nTORONTO, March 10 /CNW/ - Route1 Inc. (TSX-V: ROI) announced today that\nit has completed its private placement offering of 41,666,666 units (\"Units\")\nat a price of $0.12 per Unit for total gross proceeds of $5,000,000. Route1\ninitially announced the offering on February 10, 2006.\nEach Unit is comprised of one common share and one common share purchase\nwarrant (a \"Warrant\"). Each whole Warrant is exercisable into one common share\nat a price of $0.155 per share for a period of 2 years from the date of\nclosing.\nThe sole agent for the offering, Westwind Partners Inc., was paid a\ncommission of 7.0% in cash and 7% in broker warrants based on the gross\nproceeds from the sale of the Units.\n\"With the endorsement of 10 new Institutional Investors, we can now focus\non the commercialization of our MobiKEY. Early indications are strong, and we\nare predicting tremendous success of our MobiNET platform\" said Andrew White,\nCEO, Route1 Inc.\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 pursuant to applicable securities law\nand stock exchange requirements.\n\nAbout Route1 Inc.\n\nRoute1 is an innovator in secure, mobile-thin clients. The Company's Mobi\nSolution bridges the gap between business agility and data security allowing\nindividuals and organizations to assuredly support their mobile office,\nregulatory compliance, business growth and business continuity needs. Route1's\nsolution consists of unique mobile devices and software integrated with a\nmanaged secure connectivity service. The Company is listed on the TSX Venture\nExchange (symbol: ROI) with offices in Toronto and New York.\n\nThis news release does not constitute an offer to sell or a solicitation\nof an offer to buy any of the securities in the United States. The securities\nhave not been and will not be registered under the United States Securities\nAct of 1933, as amended (the \"U.S. Securities Act\") or any state securities\nlaws and may not be offered or sold within the United States or to U.S.\nPersons unless registered under the U.S. Securities Act and applicable state\nsecurities laws or an exemption from such regi...