DELTA, BC, Dec. 6 /CNW/ - Mr. George Graham, President of ATI AirTest Technologies Inc. ("AirTest"), is pleased to announce the closing of the Company's non-brokered private placement financing previously announced on August 25, 2010. The placement resulted in gross proceeds of $280,000 as it was over-subscribed by $30,000 from the announced $250,000 expected gross receipts.
The Company will issue 5,600,000 units at a price of $0.05 per unit to 9 placees. Each unit consists of one common share and one common share purchase warrant, entitling the holder to acquire one common share at an exercise price of $0.10 plus one warrant. The shares and any shares acquired upon exercise of the warrants are subject to a 4 month hold period from the date of issue.
The proceeds from this offering will be used for the ongoing development of the new sensor technology invented by Airware Inc. and under exclusive license to AirTest. Additional financing will be required when the first commercial product moves into the production phase in early 2011.
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.
For further information: For further information:
Mr. George Graham, President