DELTA, BC,
July 12, 2011 /PRNewswire/ - AirTest
Technologies Inc. (the "Company") (TSX Venture: AAT) is pleased to
announce the closing of the first tranche of a brokered private
placement originally announced on April 12,
2011 of 7,180,000 Units for gross proceeds of $359,000 through Canaccord Genuity Corp. (the
"Agent").
Each Unit consist of one common share of the
Company and one common share purchase warrant (a "Warrant").
Each Warrant is exercisable into one common share of the Company
for a period of 24 months at an exercise price of C$0.10.
The Company paid the Agent a cash fee equal to
8% of the gross proceeds raised from the brokered private placement
and issued to the Agent warrants (the "Agent's Warrants") equal to
10% of the Units sold. Each Agent's Warrant is exerciseable into
one common share of the Company for a period of 24 months at an
exercise price of $0.10. In addition,
the Company issued 300,000 Units as corporate finance fee to the
Agent.
The proceeds from the financings are expected to
be used by the Company to support development of the new Airware
zero drift sensor technology, and for general working capital
purposes.
The securities issued are subject to a 4 month
hold period from date of issue. The date of issue was
July 4, 2011 for the following
securities issued;
- 5,180,000 placement shares
- 5,180,000 placement warrants
- 300,000 shares re corporate finance fee
- 300,000 warrants re corporate finance fee
- 518,000 agents warrants
The date of issue was July 12, 2011 for the following securities
issued;
- 2,000,000 placement shares
- 2,000,000 placement warrants
- 200,000 agents warrants
This news release does not constitute an offer
to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
the securities laws of any state of the
United States and may not be offered or sold within
the United States or to, or for
the account or the benefit of, U.S. persons (as defined in
Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or
pursuant to an exemption from such registration requirements
About AirTest: AirTest Technologies
(www.airtest.com) is a Green-tech company specializing in sensors
that improve commercial building operating efficiency and at the
same time create energy savings. These sensors are all based on
technical innovations developed in the last ten years, and comprise
a growing a second wave of energy saving technologies that will
make a significant contribution to the Sustainable Buildings
Program. Airtest offers its products to leading-edge building
owners, contractors and energy service companies targeting the
buildings market. Airtest also provides energy cost reduction
solutions to building equipment and controls manufacturers who
incorporate AirTest sensor components in their products.
Statements about the Company's future
expectations and all other statements in this press release other
than historical facts are "forward looking statements". The Company
intends that such forward-looking statements be subject to the safe
harbours created thereby. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's
actual results may differ materially from the expected
results.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE AirTest Technologies Inc.