TORONTO, Nov. 16 /CNW/ - Active Control Technology Inc. (the
"Corporation") (TSX-V:ACT) is pleased to announce that further to the press
releases, dated Nov. 2 and 5, 2007, it has completed closing of the private
placement (the "Offering") for gross proceeds totalling $2,588,000. The
Corporation issued 5,176,000 units (each a "Unit") of the Corporation, at a
price of CDN$0.50 per Unit. Each Unit consists of one common share of the
Corporation and one share purchase warrant with each warrant entitling the
holder to acquire an additional common share at the price of $0.90 until
Nov. 13, 2009.
The Corporation paid a finder's fee of 7% cash plus 10% Compensation
Warrants to Aberdeen Gould Inc. ("AGI") as a finder. Each Compensation Warrant
entitles AGI to purchase a Unit on the same terms as the Offering for two
years from Closing.
The units and their underlying securities will be restricted from trading
until March 14, 2008.
The funds received from this private placement will be used for general
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.
Cautionary Note Regarding Forward-Looking Statements: This press release
contains forward-looking statements that involve risks and uncertainties,
which may cause actual results to differ materially from the statements made.
When used in this document, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "estimate", "expect" and similar
expressions are intended to identify forward-looking statements. Such
statements reflect our current views with respect to future events and are
subject to such risks and uncertainties. Many factors could cause our actual
results to differ materially from the statements made, including those factors
discussed in filings made by us with the Canadian securities regulatory
authorities. Should one or more of these risks and uncertainties, occur or
should assumptions underlying the forward looking statements prove incorrect,
actual results may vary materially from those described herein as intended,
planned, anticipated, or expected. We do not intend and do not assume any
obligation to update these forward-looking statements. The reader is cautioned
not to put undue reliance on such forward-looking statements.
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: firstname.lastname@example.org, Website: www.activecontrol.com; Don
Hogarth, Hogarth Communications Inc., for ACT, Tel.: (416) 565-8920, Email: