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EDMONTON, ALBERTA--(Marketwire - June 13, 2012) - Innovotech Inc. (TSX VENTURE:IOT) is pleased to announce that, further to its press release of April 26, 2012, it has received final acceptance from the TSX Venture Exchange for a non brokered private placement of 1,630,194 units ("Units") at a price of $0.32 per Unit (the "Offering") for gross proceeds of approximately $521,660. Each Unit is comprised of one (1) common share ("Common Share") and one (1) Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.40 per Common Share for a period of three (3) years following the date of closing, provided that if the trading volume of the Common Shares on the principal market on which such shares trade is equal to or exceeds 100,000 Common Shares in any given thirty (30) consecutive days prior to the expiration date of the Warrants (the "Acceleration Period") and on each day the shares trade the closing price is $0.60 per Common Share or greater, then the Warrant shall automatically accelerate to expire fourteen (14) days following the last day of the Acceleration Period. |
