Business
Vitality closes private placement and shares for debt; cancels sale of land
Vitality closes private placement and shares for debt; cancels sale of land.
About this update from Vitality Products Inc.
[{"type":"text","content":"\n\n\n\nTrading Symbol: VPI\n\n\nVANCOUVER, Sept. 14 /CNW/ -\n\n\nVITALITY CLOSES $987,500 PRIVATE PLACEMENT\n\n\nVitality Products Inc. (the "Company") has closed the non-brokered\nprivate placement announced in the Company's June 7, 2007 Press Release. The\nCompany has issued 4,937,500 units at $0.20 per unit for gross proceeds of\n$987,500. Each unit consists of one common share and one share purchase\nwarrant in the capital of the Company. Each warrant will entitle the holder\nthereof to acquire one additional common share in the capital of the Company\nfor a period of two years at a purchase price per common share of $0.25 at any\ntime up to and including September 11, 2008 and at a purchase price per common\nshare of $0.30 at any time up to and including September 11, 2009. The shares\nand any shares acquired upon exercise of the warrants are subject to a\nfour-month hold period that expires on January 12, 2008. The Company paid\nfinder's fees totalling $94,250 in connection with the private placement.\n\n\nVITALITY CLOSES $200,000 SHARES FOR DEBT\n\n\nThe Company has closed the shares for debt settlements with certain\ninsiders of the Company announced in the Company's June 7, 2007 Press Release.\nThe Company has settled aggregate indebtedness in the amount of $200,000 by\nway of the issuance of 1,000,000 common shares in the capital of the Company\nat a deemed settlement price of $0.20 per share. The shares are subject to a\nfour-month hold period that expires on January 12, 2008.\n\n\nVITALITY CANCELS SALE OF LAND AGREEMENT\n\n\nThe Company has determined not to proceed with the agreement to sell its\n5.17 acres of land situated in Whatcom County, Washington to Consolidated\nFirstfund Capital Corp. ("Firstfund") for a total consideration of $400,000\nannounced in the Company's June 7, 2007 Press Release. Firstfund is a related\ncompany managed by common directors and officers and controlled by a common\ndirector.\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\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":2403,"tagName":"div"}]