(EKO-TSX Venture Exchange)
MONTREAL, June 1 /CNW Telbec/ - NOVEKO INTERNATIONAL INC. ("Noveko" or
"the Company") announces the closing of its private placement for total gross
proceeds of $23 million. "We are pleased to announce the closing of this
financing, which will contribute to a major new growth phase for Noveko
International and its subsidiaries. Among our priorities, we will complete new
milestones in marketing the derivative products from our patented
antimicrobial filtration technology, specifically face masks and air filters,
which offer considerable growth potential. We are currently looking at several
opportunities in North America and other markets worldwide," indicated André
Leroux, Chairman of the Board and Chief Executive Officer of Noveko.
Pursuant to this placement with a syndicate led by Desjardins Securities
Inc. and including Blackmont Capital Inc. and Cormark Securities Inc., each
Unit was offered at a price of $2.50 per Unit and consisted of one (1) Class A
Share of Noveko (a "Common Share") and one-half of one common share purchase
warrant. Each Warrant entitled its holder to purchase one Common Share at a
price of $3.35 per Share for a period of 24 months following the closing date
of the Offering expected to occur on or about May 30, 2007.
However, if, at any time commencing the 20th trading day prior to the
expiry of the four month hold period to which the securities offered hereunder
are subject, the weighted average trading price of the common shares of the
Company is or exceeds $4.00 per common share for a period of 20 consecutive
trading days, the Company may accelerate the Warrant expiry date by giving
prior notice to the holders of Warrants within 10 business days immediately
following such 20 trading day period and in such event, the Warrants, if
unexercised, will expire on the 30th calendar day following the date on which
such notice will be deemed to have been received by such holders of Warrants.
The notice will be deemed to be received five days following its sending.
The cash commission paid to the Agents corresponds to 7% of the placement
amount (3.5% on the President's list). In addition, the Company issued
warrants to the Agents (the "Broker Warrants") entitling them to purchase, at
a price of $3.35 per Share, that number of Common Shares of the Company as is
equal to 7% of the number of Units sold under the Offering.
Thus, the Company issued 9,200,000 Common Shares pursuant to the
placement, and 4,600,000 Common Shares may be issued upon due exercise of the
Warrants. A maximum of 644,000 Common Shares may also be issued if the Broker
Warrants are exercised during the period of 24 months following the closing
date of the Offering or the new Exercise Period, as the case may be. The
securities issued pursuant to the Offering will be subject to a four-month
hold period and the Offering will be subject to normal regulatory approvals.
It should be noted that on May 28, 2007, the Company granted five of its
key employees, including two insiders, a total of 600,000 options at a price
of $2.75 per option, i.e. the market closing price on May 25, 2007.
Noveko International Inc. currently has three subsidiaries: S.A.S. ECM
(France), Noveko Inc. and Bolduc Leroux Inc. (BLI). ECM specializes in the
design and marketing of portable real-time ultrasound scanners for use in
veterinary and human medicine. Noveko Inc. develops the Company's biomedical
and environmental business, specifically its patented antimicrobial filtration
technology and derivative products (antimicrobial face masks and filters). For
its part, BLI specializes in the custom processing and distribution of steel
products based on client specifications and designs. It has also developed and
markets a line of downdraft particle extraction tables for various industrial,
commercial and pharmaceutical markets. Operating since September 2002, the
Company was listed on the TSX Venture Exchange on February 3, 2004.
The information set forth in this press release includes certain
forward-looking statements. Such statements are based on assumptions exposed
to major risks and uncertainties. Although Noveko deems the expectations
reflected in these forward-looking statements to be reasonable, the Company
cannot provide any guarantee as to the materialization of the expectations
reflected in these forward-looking statements. The TSX Venture Exchange has
not reviewed and does not accept responsibility for the adequacy or accuracy
of this release.
For further information:
For further information: André Leroux, Chairman of the Board and Chief
Executive Officer; Alain Bolduc, President and Chief Operating Officer, (514)