Business
Route1 prices brokered private placement
Route1 prices brokered private placement.
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, Oct. 29 /CNW/ - Route1 Inc.(TM) (TSX-V:ROI), the trusted\nprovider of security and identity management network solutions, announced\ntoday that it has priced its previously announced brokered private placement.\nPursuant to the offering, the Company will issue and sell, on a best efforts\nbasis, up to 83,333,333 Units at an issue price of $0.12 per unit. Each Unit\nwill be comprised of one (1) common share and one-half (0.5) of one common\nshare purchase warrant of the Company, with each whole common share purchase\nwarrant being exercisable to acquire one common share of the Company at an\nexercise price of $0.155 per share for a period of two (2) years following the\nclosing of the offering. The offering will be conducted through a syndicate of\nagents led by Raymond James Ltd. and including GMP Securities L.P. and\nLaurentian Bank Securities Inc. The closing of the offering is expected to\noccur on or about November 6, 2007.\n\n\nIn consideration for their services, the agents will be paid a cash\ncommission equal to seven percent (7%) of the gross proceeds raised pursuant\nto the offering and will be granted non-assignable common share warrants\nequal, in aggregate, to six percent (6%) of the number of units sold. Each\nwarrant shall be exercisable to acquire one (1) common share of the Company\nfor a period of two (2) years following the closing of the offering at a price\nof $0.155 per share.\n\n\nThe offering is subject to regulatory approvals including the approval of\nthe TSX Venture Exchange. All securities issued pursuant to the offering will\nbe subject to applicable statutory, exchange and regulatory hold periods.\n\n\nIt is anticipated that the proceeds of the private placement will be used\nto finance future growth and for general working capital purposes.\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 u...