TSX Venture Exchange: VSI
VANCOUVER, Sept. 26, 2012 /CNW/ - VendTek Systems Inc. (TSX-V: VSI)
("VendTek" or the "Company") is pleased to announce that it has closed
its previously announced non-brokered private placement of 860
debenture units (the "Debenture Units"), with each Debenture Unit
consisting of one 6% unsecured convertible debenture of the Company having a principal amount
of $1,000 (the "Debentures"), and one warrant for each share issuable
upon conversion of the Debentures (each, a "Warrant") to purchase one
common share of the Company, for a total of 7,818,181 Warrants being
issued (the "Private Placement"). The Debentures will each mature on the date
that is two years from the closing of the Private Placement and entitle
the holder thereof to acquire one common share of the Company at a
price of $0.11 per common share on conversion. Each Warrant is
exercisable for two years from the closing of the Private Placement to
acquire one common share of the Company at a price of $0.15 per common
share. Privinvest Offshore SAL (Holding) ("Privinvest Offshore"), the
Company's largest shareholder, was the sole subscriber for Debenture
The Company intends to use the net proceeds from the sale of the
Debenture Units to continue the Company's expansion plans for its
Brazilian operations. As the Company's Brazilian subsidiary continues
to increase the number of transactions that it processes, it needs to
acquire additional inventory and will require greater working capital
to support its growth initiatives.
No finder's fee was payable in connection with the issuance of the
The Private Placement is subject to regulatory approval, and all
securities issued in connection with Private Placement will be subject
to a four-month and one day hold period under applicable securities
laws, which will expire on January 27, 2013.
VendTek develops and licenses automated transaction system software and
supporting technologies. VendTek's customers, subsidiaries and its Now
Prepay division use e-Fresh™ software to build electronic, prepaid
services networks that enable consumers to purchase prepaid products
and services via POS and self-serve terminals connected to a central
server. This system creates significant value through improved
efficiencies compared to a traditional distribution model. e-Fresh™
reduces shrinkage and inventory requirements for vendors while
improving consumer access to prepaid products and services by
completely eliminating physical cards and vouchers. VendTek has
deployed its software around the world including Canada, United States,
Asia, the Middle East and Africa. For further information please visit
the Company's websites www.vendteksystems.com and www.nowprepay.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: VendTek Systems Inc.
For further information:
Samantha White at 604-805-4653 or 1-800-806-4958 or firstname.lastname@example.org.