Avcorp Industries has closed a private placement of 16,157,465 common shares of Avcorp at a price of C$0.15 per share to Panta Holdings B.V. (“Panta”) for gross proceeds of C$2,423,620 (the “Private Placement”), pursuant to the terms of the amended and restated investment agreement dated July 13, 2009 (“Amended and Restated Investment Agreement”). The proceeds from the Private Placement will be used to repay a bridge loan of approximately C$1.5 million plus accrued interest, advanced by Panta on June 15, 2009 and a shareholder loan owing to Michael Scholz, a former director of the Company, in the principal amount of C$400,000 plus accrued interest, with the remaining funds used as working capital. Following completion of the Private Placement, Panta owns approximately 33.3% of the outstanding common shares of Avcorp.
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Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada