(TSX: NTI; OTCBB: NTLNF)
TORONTO, Feb. 14 /CNW/ - Northcore Technologies Inc. (TSX: NTI; OTCBB:
NTLNF), a global provider of asset management technology solutions,
confirmed that it has closed a private placement of $838,000 through
the issuance of common shares.
Under the terms of the equity private placement, investors purchased
units priced at $0.08. Each unit consists of one common share and one
common share purchase warrant. Each full warrant may be converted into
a common share at the exercise price of $0.12 at any time prior to
February 15, 2013.
As a result of the equity private placement, Northcore issued
approximately 10,477,775 common shares and in addition, will issue up
to 10,477,775 common shares upon the exercise of related warrants.
Financing fees of 10 percent of the gross proceeds was paid to Saratoga
Finance Inc. In addition, the Company issued an option to purchase
2,250,000 units at a price of $0.08 per unit and an expiry date of
February 15, 2013.
"This capital infusion enables us to continue executing our business
plan and deliver value to our shareholders. In addition to our efforts
at expanding the use of GE Asset Manager's products by customers of GE,
we are encouraged by the level of interest being evidenced in our
Working Capital Engine at multiple levels of government, industry and
in European markets. We are also very excited about the potential of
creating transaction based revenues through applying elements of
Northcore's patent portfolio around online Dutch Auctions to the group
coupon buying sector. We expect to release additional details
surrounding the branding and launch strategy for this important
initiative within the next two weeks. We are grateful to investors for
their statement of faith in the prospects for the Company," said Duncan
Copeland, CEO of Northcore Technologies.
Northcore's board of directors unanimously passed a resolution approving
the terms. Northcore has also received conditional approval from the
TSX for the private placement.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
About Northcore Technologies Inc.
Northcore Technologies provides a Working Capital Engine™ that helps
organizations source, manage, appraise and sell their capital
equipment. Northcore offers its software solutions and support
services to a growing number of customers in a variety of sectors
including financial services, manufacturing, oil and gas and
Northcore owns 50 percent of GE Asset Manager, LLC, a joint business
venture with GE. Together, the companies work with leading
organizations around the world to help them liberate more capital value
from their assets.
Additional information about Northcore can be obtained at www.northcore.com.
This news release may include comments that do not refer strictly to
historical results or actions and may be deemed to be forward-looking
within the meaning of the Safe Harbor provisions of the U.S. federal
securities laws. These include, among others, statements about
expectations of future revenues, cash flows, and cash requirements.
Forward-looking statements are subject to risks and uncertainties that
may cause Northcore's results to differ materially from expectations.
These risks include the Company's ability to raise additional funding,
develop its business-to-business sales and operations, develop
appropriate strategic alliances and successful development and
implementation of technology, acceptance of the Company's products and
services, competitive factors, new products and technological changes,
and other such risks as the Company may identify and discuss from time
to time, including those risks disclosed in the Company's Form 20-F
filed with the Securities and Exchange Commission. Accordingly, there
is no certainty that the Company's plans will be achieved. Important
factors that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents filed
from time to time with the Toronto Stock Exchange, on SEDAR (the System
for Electronic Document Analysis and Retrieval at www.sedar.com) and
the US Securities and Exchange Commission. This news release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities of the Company in any jurisdiction.
SOURCE Northcore Technologies Inc.
For further information:
Northcore Technologies Inc.
Tel: (416) 640-0400 ext. 273