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Article: Shift Networks Announces $10 Million Financing and Share Consolidation
- Article from:
- CCNMatthews Newswire
- Article date:
- October 25, 2006
CopyrightCopyright 2006 CCNMatthews Newswire. Provided by ProQuest LLC. (Hide copyright information)
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CALGARY, ALBERTA--(CCNMatthews - Oct. 25, 2006) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
Shift Networks Inc. ("Shift") (TSX VENTURE:SHF) is pleased to
announce that it has entered into an agreement with Northern
Securities Inc. ("Northern") pursuant to which Northern has agreed to
purchase 7,692,308, units on a firm underwriting basis, subject to
certain conditions, at a price of $1.30 per unit (post consolidation)
for aggregate gross proceeds to Shift of $10 million. Northern has
the option to purchase an additional 1,538,461 units at the issue
price at any time prior to 60 days following the closing date for
additional gross proceeds of ...