TORONTO, June 24 /CNW/ - Active Control Technology Inc. ("ACT" or the
"Company") (TSX-V:ACT) is pleased to announce that further to the press
releases dated June 5 and 8, 2009 regarding the swap with Mr. Richard Hazell,
Chairman of ACT, the private placement (the "Offering") has closed today for
gross proceeds totalling $815,760. The Company issued 3,708,000 units (each a
"Unit") of ACT, at a price of CDN$0.22 per Unit. Each Unit consists of one
common share and one-half of a common share purchase warrant exercisable for
24 months at $0.25 per share.
The Company paid a finder's fee totaling $57,103 in cash together with
259,560 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 to Mr. Hazell are from treasury and their underlying
securities will be restricted from trading until at least October 10, 2009.
The funds received from this private placement will be used for general
working capital purposes.
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