CALGARY, June 17 /CNW/ - CHEQ-IT LTD. (the "Corporation") is pleased to
announce that it has completed its previously announced private placement (the
"Offering") of units ("Units") at a price of $0.05 per Unit for gross proceeds
of $500,000 as previously announced on April 18, 2008. 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 Share.
After giving effect to the Offering, the Corporation has 21,350,000
Common Shares issued and outstanding. Directors, officers and current
shareholders of the Corporation participated in the Offering.
All of the securities issued in connection with this private placement
are subject to a four month restricted period that expires on October 17,
2008. 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,