QUEBEC, June 21 /CNW Telbec/ - Fortsum Business Solutions Inc. (Fortsum
Business Solutions) (TSX Venture Exchange: FRT) announces that today it closed
a first tranche of $3,500,000 in units as part of a previously announced (May
2, 2007) private placement of units (the Offering). Northern Securities Inc
acted as sole agent in the Offering.
Fortsum Business Solutions issued 6,363,639 units at a price of $0.55 per
unit in this first tranche. Each unit is comprised of one common share and one
half-warrant. Each full warrant can be exercised at a price of $0.70 per
warrant at any time within the 12-month period following after the closing
date. The securities underlying the units issued as part of the Offering are
subject to a 4-month restriction period following the closing date, ending on
October 22, 2007.
Fortsum Business Solutions plans to close a second tranche of $3,500,000
to complete the Offering in the near future. The proceeds of the Offering will
be used by Fortsum Business Solutions for future business acquisitions.
Fortsum Business Solutions paid to Northern for acting as agent for the
Offering a $280,000 cash commission (equal to 8% of the first tranche of the
Offering's value) and further granted Northern the option to subscribe to
636,634 common shares at a price of $0.55 each within 24 months following
About Fortsum Business Solutions
Fortsum Business Solutions Inc. is mainly involved in the development,
integration, marketing and support of accounting, commercial and banking data
management software. For more information: www.fortsum.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of the release.
For further information:
For further information: Fortsum Business Solutions Inc.: François
Taschereau, Chief Executive Officer, email@example.com, Dany Beaudet,
Shareholder Communications Coordinator, firstname.lastname@example.org, (418) 877-3003,
ext. 2272, Toll-free: 1-888-268-0088, Fax: (418) 877-9994