TORONTO, Nov. 4 /CNW/ - Avante Security Corp. (TSXV: ASY) (the "Corporation") is pleased to announce that it has, subject to final approval from the TSX Venture Exchange, completed the sale of 2,828,843 units ("Units") of the Corporation for gross proceeds of approximately $1,074,960 by way of a non-brokered private placement. The Units were sold at a price of $0.38 each. Each Unit consists of one common share ("Common Share") and one-half of one common purchase warrant ("Warrant") of the Corporation. Each whole Warrant will entitle the holder to purchase one Common Share for $0.60 until expiry of the Warrants on November 4, 2009. The securities issued in connection with the private placement will be subject to a four-month hold period under applicable securities laws. The Corporation has, after giving effect to the private placement, 42,648,843 issued and outstanding common shares.
The proceeds are to be used for, among other things, product development, marketing and sales of the Corporation's state-of-the-art 724Smart WIP(TM) technology and working capital.
About Avante Security Corp.
Over the past twelve years, Avante has built its reputation as Toronto's preeminent security company by providing premium security services through the use of advanced technology and a focus on client service. Trademarked 724Smart WIP(TM), the Company's proprietary technologies provide "Anytime; Anyplace" two-way wireless communication to any electronic device. Originally developed for wireless security applications, the technology's open architecture provides a platform for expanded functionality, and the Company is now poised to exploit the growing opportunities in energy management and metering applications, home automation, remote video monitoring, among others. Other information relation to Avante Security Corp. is available on SEDAR at www.sedar.com and on the Corporation's website at www.avantesecurity.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward looking statements. Forward looking statements are not based on historical facts, but rather on current expectations, Company assumptions and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Company assumptions and risk factors are listed from time to time in Avante's reports, public disclosure documents including Management's Discussion and Analysis, Management Information Circular, and in other filings with stock exchanges and securities regulatory authorities in Canada.
You should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. While Avante may elect to, Avante is under no obligation and does not undertake to update this information at any particular time. This press release was prepared by management from information available to the date of this release.
%SEDAR: 00024271E