/NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION THROUGH A U.S. NEWSWIRE SERVICE/
VANCOUVER, Nov. 30, 2015 /CNW/ - Pacific Insight Electronics Corp. ("Pacific Insight" or the "Company") (TSX: PIH), is pleased to announce that the Company has closed the second tranche of its previously announced non-brokered private placement of units (the "Units") at a price of $4.15 per Unit (the "Private Placement"). Earlier today, the Company issued an aggregate of 209,032 Units for gross proceeds of $0.9 million. Each Unit consists of one common share and one common share purchase warrant of the Company. Each whole warrant will entitle the subscriber to purchase one common share of the Company at a price of $4.40 per share until November 30, 2018. The proceeds from the sale of the Units will be used for additional productive capacity and general corporate purposes. The securities issued under the second tranche of the Private Placement, including any common shares issued on exercise of the warrants, are subject to a hold period of four months plus one day from the date of issuance, expiring on March 31, 2016. The Company issued an aggregate of 680,970 Units pursuant to both tranches, for total gross proceeds of approximately $2.8 million.
This press release is not an offer of Units for sale in the United States. The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) absent registration or an applicable exemption from registration.
Pacific Insight Electronics Corp. designs, manufactures and delivers electronic products and full service solutions to the automotive, heavy truck, and specialty markets. Pacific Insight designs and distributes its products and services to original equipment manufacturers and distributors in North America.
Cautionary Note Regarding ForwardLooking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, including, but not limited to, statements related to how the Company plans to use the net proceeds from the Private Placement. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Pacific Insight to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to market conditions, as well as those risk factors set out in the Company's current disclosure documents available under the Company's profile at www.SEDAR.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Pacific Insight does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
SOURCE Pacific Insight Electronics Corp.
For further information: Investor Relations, [email protected], 1.800.995.1155, www.pacificinsight.com; Vancouver Office, 4299 Canada Way, Suite 230, Burnaby, BC, Canada, V5G 1H3