|
EDMONTON, ALBERTA--(Marketwire - June 15, 2011) - Innovotech Inc. (TSX VENTURE:IOT), a pioneer in the field of biofilm product development, is pleased to announce that, subject to regulatory approval, it intends to complete an offering of units ("Units") at a price of $0.72 per Unit by way of a private placement (the "Offering"). The Offering is subject to minimum gross proceeds of $500,000 and maximum gross proceeds of $1,500,000. Each Unit is comprised of one (1) common share ("Common Share") and one-half (½) Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.90 per Common Share for a period of three (3) years following the date of closing, provided that if after four months and one day following the closing date the closing price of the common shares is equal to or exceeds $1.35 for thirty (30) consecutive days, then the warrants shall automatically accelerate to expire on the date which is thirty (30) days after the thirty (30) day period. |
