Business
Vitality cancels private placement; to settle debt and issue preference shares instead
Trading Symbol: VPI VANCOUVER, Dec. 6 /CNW/ - Vitality Cancels Private Placement
About this update from Vitality Products Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: VPI\n\n\nVANCOUVER, Dec. 6 /CNW/ -\n\n\nVitality Cancels Private Placement\n\n\nVitality Products Inc. (the "Company") wishes to announce the\ncancellation of the non-brokered private placement of up to 5 million units of\nthe Company at a subscription price of $0.60 per unit for gross proceeds of up\nto $3 million announced in the Company's November 7, 2007 Press Release due to\nmarket conditions.\n\n\nVitality will be entering into Shares for Debt Settlement\n\n\nDue to the cancellation of the private placement, the Company will be\nentering into shares for debt settlement to settle aggregate indebtedness in\nthe amount of $460,000 by way of the issuance of 2.3 million common shares of\nthe Company at a deemed settlement price of $0.20 per share, subject to\nregulatory approval.\n\n\nVitality to Issue Preference Shares, Series 6 to Replace Preference\n\n\nShares, Series 3\n\n\nDue to the cancellation of the private placement, the Company will be\nentering into agreements with holders of the Company's Class "A" Preference\nShares, Series 3 to issue Class "A" Preference Shares, Series 6 in exchange\nfor the outstanding Class "A" Preference Shares, Series 3 plus all unpaid\ndividends accrued thereon to the date of the exchange. The Class "A"\nPreference Shares, Series 6 with a par value of $10 each in the capital stock\nof the Company will each be non-voting and have a 6% cumulative dividend\npayable annually. The Class "A" Preference Shares, Series 6 plus all unpaid\ndividends accrued thereon will be convertible to common shares in the capital\nstock of the Company at $0.25 per common share for a period of 5 years. The\ntransaction is subject to regulatory approval.\n\n\nOn behalf of the Board of\n\n\nVITALITY PRODUCTS INC.\n\n\n"William N. Grant" (signed)\n\n\n---------------------------------\n\n\nWilliam N. Grant, President & CEO\n\n\nTel: (604) 683-6611\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\n%SEDAR: 00005856E\n\n\n","length":2243,"tagName":"div"}]