TORONTO, Aug. 25 /CNW/ - Active Control Technology Inc. ("ACT" or the
"Company") (TSX-V:ACT) is pleased to announce that further to the press
release dated August 13, 2009 regarding the swap with Mr. Richard Hazell,
Chairman of ACT, the private placement (the "Offering") has closed today for
gross proceeds totalling $1,019,000, including $419,000 of additional
subscriptions. The Company issued 10,190,000 units (each a "Unit") of ACT, at
a price of CDN$0.10 per Unit. Each Unit consists of one common share and
one-half of a common share purchase warrant exercisable for 24 months at
$0.125 per share.
The Company paid a finder's fee totaling $59,100 in cash together with
591,000 Compensation Units to Aberdeen Gould Capital Markets Ltd. ("AGCM") as
a finder. Each Compensation Unit entitles AGCM to purchase a Unit on the same
terms as the Offering for two years from Closing.
The Units issued will be restricted from trading until at least December
21, 2009. The funds received from this private placement will be used for
general working capital purposes.
The Company has decided not to proceed with the revolving loan facility
as outlined in its press release dated June 17, 2009, and will pursue
alternative arrangements for an operating facility.
About Active Control Technology
Active Control Technology is a mining services company specializing in
advanced wireless productivity and safety systems. The company's MSHA-approved
ActiveMine system provides two-way wireless voice communication, real-time
tracking of personnel and assets, and high bandwidth data applications such as
streaming video and operational data from mining machinery, over a robust
wireless Wi-Fi network. Located in Burlington, Ontario, Canada, Active Control
trades publicly on the TSX Venture Exchange under the symbol ACT. For more
information, visit www.activecontrol.com.
Get more out of your mine.(TM)
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.
For further information:
For further information: Steve Barrett, President & C.E.O., Active
Control Technology Inc., Tel.: (905) 635-3130, Fax: (905) 592-9691, Email:
email@example.com, Website: www.activecontrol.com