TORONTO, June 17 /CNW/ - Innovative Composites International Inc. (IC:TSX-V) ("ICI" the "Company"), is pleased to announce that it has closed its private placement (the "Offering") previously announced on April 29, 2010, led by Canaccord Genuity Corp.
The offering consisted of 6,480,390 units (the "Units") for total proceeds of $1,944,087. Each Unit consists of one common share and one-half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at an exercise price $0.45 for a period of 24 months. The Units sold pursuant to the Offering will be subject to a four month statutory hold period.
The net proceeds from the Offering will be used by ICI to fund working capital and general corporate purposes.
"The net proceeds from the Offering will allow the Company to both fund its current sales pipeline as well as pursue exciting growth opportunities. Completing this Offering during difficult market conditions speaks to the strength of support in our shareholder base", said Terry Ball, Chief Executive Officer of ICI.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, ICI is a high-tech engineering and manufacturing company established in 2007 by a group of entrepreneurs with a successful track record in commercializing advanced materials.
The Company is currently focused in two areas: Structure Lite(TM) panels, a unique line of application-ready structural composite panels and Hero 451(TM), a line of environmentally friendly fire inhibitors and suppressant. ICI's goal is to deliver products that exceed industry standards with greater durability, strength, flexibility and safety.
ICI is partnering directly with leaders in its target industries as it considers it to be the fastest way to bring products to market. ICI's customized solutions are intended to provide partners with material advantages over their competitors.
To find out more about Innovative Composites International Inc. (IC: TSX-V), please visit our website at http://www.innovativecompositesinc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
"Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for ICI's products and the availability of funding. These forward-looking statements are made as of the date hereof and ICI does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from ICI's expectations and projections."
SOURCE Innovative Composites International Inc.
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