TORONTO, March 7 /CNW Telbec/ - Grey Island Systems International Inc.
("Grey Island") (TSX Venture: "GIS") is pleased to announce that it has
completed a private placement financing of 13,500,000 units (the "Units") at a
price of $0.60 per Unit for total gross proceeds of $8,100,000. The net
proceeds of the offering will be used to expand Grey Island's Canadian
operations and for additional working capital.
Each Unit consists of one common share (the "Common Share") and one-half
of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each
Warrant entitles the holder to acquire one Common Share at an exercise price
of $0.70 per share until March 6, 2008.
A syndicate of dealers co-led by Wellington West Capital Markets Inc. and
Paradigm Capital Inc. and including Canaccord Capital Corporation and Research
Capital Corporation acted as agents in connection with the private placement.
For their services, the agents received a cash commission equal to 6% of the
gross proceeds of the sale of the Units and were granted compensation options
("Compensation Options") to purchase an aggregate of 810,000 common shares of
the Corporation, at an exercise price of $0.60 per share at any time prior to
March 6, 2008.
All securities issued as part of the financing are subject to hold
periods under Canadian securities laws and the policies of the TSX Venture
Exchange and are restricted from trading until July 7, 2007. Completion of the
financing remains subject to the final approval of the TSX Venture Exchange.
The common shares, including those underlying the Compensation Options, have
not been registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold within the United States, or to, or
for the account or benefit of, U.S. persons absent U.S. registration or an
applicable exemption from the U.S. registration requirements. This release
does not constitute on offer to sell or the solicitation of an offer to buy
securities in the United States.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS RELEASE.
About Grey Island
Grey Island Systems International Inc., through its subsidiaries NextBus
Inc, in Alameda, California, InterFleet, Inc. in New York, New York, and Grey
Island Systems, Inc in Toronto, Ontario, is a leading provider of custom
real-time GPS/AVL, security and telematics solutions, as well as real-time
passenger information systems to government and related fleets. To find out
more about our products and services, visit our websites at www.interfleet.com
For further information:
For further information: Owen Moore, (416) 348-9991, Facsimile: (416)
348-9993, email@example.com; Renmark Financial Communications Inc.:
John Boidman, firstname.lastname@example.org; Michael Shore,
email@example.com; (514) 939-3989, Fax: (514) 939-3717,