OTTAWA, Jan. 17 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) is pleased to announce that it has entered into a term sheet for a non-brokered private placement of common shares for aggregate proceeds of twenty seven thousand five hundred dollars ($27,500.00), which is anticipated to close no later than January 18th, 2008.
Participating in the placement are 5 employees (2 of which are insiders) and 1 contractor of In-Touch. They will subscribe for an aggregate of 110,000 common shares at twenty-five cents ($0.25) per common share. No Directors of the Company or other individuals are participating in this placement.
"We are heartened by this vote of confidence from our employees, who are key to our continued success," said Michael Gaffney, Chief Executive Officer.
The private placement is subject to regulatory compliance and approval by
the TSX Venture Exchange.
The proceeds from the private placement will be used for general working capital purposes.
The TSX Venture Exchange has not reviewed the foregoing and has neither
approved or disapproved the contents of this press release.
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