/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TSX VENTURE: LEM
TORONTO, Nov. 7 /CNW/ - Lemontonic Inc. ("Lemontonic" or the
"Corporation") (TSX Venture: LEM) today announced that it has closed its
previously announced private placement (the "Private Placement"). The
Corporation issued 20,533,130 subscription receipts, convertible into units
(the "Units"), for gross proceeds to the Corporation of $1,231,988. Each Unit
consists of one Class A share (the "Share") of the Corporation and one share
purchase warrant (the "Warrant"). Each Warrant will entitle the holder to
purchase one Share at a price of $0.10 for a period of two years from the date
of issuance. The Units and the underlying Shares and Warrants are subject to a
hold period of four months and one day.
In connection with the Private Placement, Research Capital Corporation
and various sub-agents were paid an aggregate commission of 8% of the gross
proceeds raised and were granted brokers' options ("Brokers' Option")
aggregating 10% of the total number of Units sold. Each Brokers' Option was
granted on the same terms as the Units.
The proceeds from the Private Placement will be held in escrow until the
earlier of (a) the concurrent closing of the amalgamation with Pioneering
Technology Inc., (b) four months from the date hereof, or (c) three days after
receipt of the election of the subscriber to receive units of Lemontonic.
The Corporation intends to use the funds for general working capital.
The TSX Venture Exchange Inc. has neither approved nor disapproved the
contents of this press release.
%SEDAR: 00015147E
