Wood Composite Technologies Inc. (“Wood Composite”) is pleased to announce the completion of the third tranche of its private placement (from the private placement memorandum) first announced on February 11, 2008. The initial tranche of the private placement (7,006,665 common shares of Wood Composite (the “Shares”) for gross proceeds of $1,051,000) closed and was announced on February 26, 2008.

The second tranche of the private placement (18,605,117 Shares for gross proceeds of $2,790,767.55) closed and was announced on March 31, 2008. The current tranche of offering has resulted in the issue and sale of 5,742,515 Shares at a price of $0.15 per Share resulting in gross proceeds to Wood Composite of $861,377.40. This closing represents an issuance of 677,500 Shares for $101,625.00 pursuant to the Brokered Private Placement and an issuance of 5,065,015 Shares for $759,752.40 pursuant to the Non-Brokered Private Placement described in the February 11, 2008 press release.

http://www.foxbusiness.com/story/markets/industries/industrials/wood-composite-announces-additional-closing-private-placement/

Leave a Reply

Your email address will not be published. Required fields are marked *