MELFORT, SK, June 20, 2012 /CNW/ - Hodgins Auctioneers Inc. (HA:TSX.V) (the "Company") wishes to announce that, subject to final TSX Venture Exchange acceptance, the Company has closed a private placement of 5,100,000 units at a price of $0.10 per unit for gross proceeds of $510,000. Each unit consists of one common share and one common shares purchase warrant, with each warrant being exercisable into one common share for 24 months at an exercise price of $0.15 for the first 12 months and $0.25 during the subsequent 12 months.
The units were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation and are subject to a 4 month restricted period. The proceeds will be used for general corporate and working capital purposes. A director of the Company subscribed for 750,000 units.
Headquartered in Melfort, Saskatchewan for more than fifty years Hodgins Auctioneers Inc. is a provider of professional auction services. Hodgins is renowned for its experienced auctioneers, award winning promotions, dependable results and commitment to providing the ultimate marketplace for the sale of assets by auction.
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