CALGARY, Sept. 25 /CNW/ - CHEQ-IT LTD. (the "Corporation") is pleased to
announce that it has completed an expedited private placement (the "Offering")
of units ("Units") at a price of $0.06 per Unit for gross proceeds of
$105,000. The purchaser of the Units was CPC Diversified Growth Fund LP
("CPC"). Each Unit consists of one common share of the Corporation (the
"Common Share") and one Common Share purchase warrant ("Warrant"). Each
Warrant is exercisable into a Common Share for two years at $0.15 per Common
Upon completion of the Offering, CPC beneficially owns and controls
1,750,000 Common Shares, or approximately 7.6% of the total issued and
outstanding Common Shares. CPC also beneficially owns and controls 1,750,000
Warrants. If these Warrants are exercised into Common Shares, CPC will
beneficially own and control 15.2% of the total issued and outstanding Common
Shares of the Corporation.
After giving effect to the Offering, the Corporation has 23,100,000
Common Shares issued and outstanding.
All of the securities issued in connection with this private placement
are subject to a four month restricted period that expires on January 25,
2009. The proceeds of the private placement are intended to be used by CHEQ-It
for general corporate purposes, to evaluate its current business and, if
management deems it appropriate, to explore other possible businesses for
CHEQ-It to pursue. The private placement remains subject to TSX Venture
Exchange final approval.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY
OR ADEQUACY OF THIS RELEASE.
For further information:
For further information: W. Glenn Hamilton, Chief Financial Officer,