Stockgroup Information Systems Inc. (OTCBB: SWEB, TSX-V: SWB), the “Company,” announced that it has completed its previously-announced non-brokered private placement by issuing 1,166,667 units at a price of US$0.30 per unit, for total proceeds to the Company of US$350,000. Ten directors and senior managers of the Company subscribed to all units.
Each Unit is comprised of one common share and one warrant share. The warrant share entitles the holder to purchase one common share of the Company at a price of US$0.40 at any time until the close of business within twenty-four months from the issue of the warrant. The warrants are non-transferable. All shares issued in connection with the private placement and any shares issued on exercise of warrants comprised in those Units will be subject to a one year hold period.
The proceeds of the private placement will be used to support corporate development.
“The participation of the directors and senior management in the transaction underscores the dedication of the management team to the success of Stockgroup,” said Marcus New, Stockgroup President and CEO.