MONTREAL, March 7 /CNW/ - Montec Holdings, (TSX-V: MTE) ("Montec" or "the Company"), a holding company focused on acquiring and developing a diversified portfolio of high-growth technology companies, today announced that it has engaged Union Securities Ltd. to act on a best efforts agency basis in connection with a private placement offering (the "Offering") of up to 6,000,000 units of securities of the Company priced at $0.17 per unit, to raise gross proceeds between $500,000 and $1,020,000.
Each unit consists of 1 common share at a price $0.17 and 1 common share purchase warrant. Each full warrant will entitle the holder to purchase one common share of the Company at a price of $0.25 per share for a period of 24 months after the closing date of the Offering. The Company will use the net proceeds from the Offering to fund general working capital purposes and subsequent acquisitions.
The Offering is expected to be completed on March 19th, 2007. No assurance can be given that the total number of units available under the Offering will be subscribed for, or that the Offering will be completed. Completion of the private placement is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange.
The Company also announced today that Mr. Jeffrey A. Mandel has resigned as a member of the Board of Directors. His resignation was acknowledged by Montec.
The Company expects to appoint a new Director shortly whose nomination will be communicated in time.
About Montec Holdings Inc.
Montec Holdings Inc. is listed on the TSX Venture Exchange (TSX-V: MTE). Montec's objective is to create shareholder value by building a profitable technology entity with high-growth potential. Structured as a holding company, it will acquire, in each case, at least 51% shareholdings of a number of synergetic companies and it will develop a diversified portfolio of high-growth technology companies. The Company recently completed the acquisition of Datex Billing Services Inc. For more information about Montec Holdings, please visit our website at www.montecholdings.com.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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