Insiders and Employees Participate In Proposed Financing
TORONTO, Jan. 16 /CNW/ - Active Control Technology Inc. (TSX-V:ACT)
wishes to announce that further to its press release dated January 6, 2009
regarding the swap with Mr. Richard Hazell, the Company is increasing its
private placement by $270,420 to a total maximum of up to $570,420
representing an additional 4,507,000 Units priced at $0.06 per Unit.
As a result of further negotiations with the Agent, the Company has
agreed to reduce the warrant exercise price to $0.08 in the first year and to
comply with the requirements of the TSX Venture Exchange the exercise price of
the warrants has been increased to $0.10 in the second year. Each Unit,
including the 5,000,000 Units to be issued pursuant to the January 6, 2009
press release, will now consist of one common share and one-half of a common
share purchase warrant exercisable for 24 months at $0.08 per share in the
first year and $0.10 in the second year.
Aberdeen Gould Capital Markets Ltd. (the "Agent") will now receive a cash
commission of 10% of the total amount raised and 10% in compensation units
having the same characteristics of the Units.
Insiders and employees may subscribe for up to 2,339,000 Units for gross
proceeds of $140,340. The insider private placements, including the placement
announced in the January 6, 2009 press release, are exempt from the valuation
and minority shareholder approval requirements of Multilateral Instrument
61-101 ("MI 61-101") by virtue of the exemptions contained in section 5.5(a)
and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration
for the securities of the Company to be issued to insiders does not exceed 25%
of its market capitalization.
The net proceeds of the financing will be used for working capital
The Company also wishes to announce that Jon Pereira has tendered his
resignation as a director of the Company to focus on his other business
activities. We wish to thank Mr. Pereira for his services and wish him well in
his future endeavors.
About Active Control Technology
ACT designs and markets wireless network control and communication
systems for buildings and extreme environments. Located in Burlington,
Ontario, Canada, the company trades publicly on the TSX Venture Exchange under
the symbol ACT. For more information, visit the company's website at
We make wireless work.(TM)
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Steve Barrett, President & C.E.O., Active
Control Technology Inc., Tel.: (905) 670-5500 ext. 202, Fax: (905) 592-9691,
Email: email@example.com, Website: www.activecontrol.com; Don
Hogarth, Hogarth Communications Inc., Tel.: (416) 565-8920, Email: