Poly Pacific
2007-06-08 16:39 ET - News Release
Mr. Randy Hayward reports
Poly-Pacific International Inc. has received TSX Venture Exchange final acceptance for a private placement of a total of three million units at a price of 10 cents per unit for gross proceeds of $300,000. Each unit comprises one common share and one common-share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of 40 cents per common share for a period of two years following the date of closing.
All common shares issued under the private placement and common shares issued upon exercise of the warrants are subject to a restricted period and may not be traded for a four-month period expiring on Sept. 26, 2007.
Poly-Pacific intends to use the proceeds from the private placement for general working-capital purposes and to assist Poly-Pacific in obtaining a letter of credit for $300,000 in order to fulfill one of the conditions imposed by the City of Kingston in Ontario to obtain approval to access the McAdoo landfill site before July 1, 2007.