Gemoscan Canada Announces Closing of First Tranche of Non-Brokered Private
TORONTO, Jan. 21, 2013 (GLOBE NEWSWIRE) -- Gemoscan Canada, Inc. ("Gemoscan"
or the "Corporation") – (TSX-V:GES) is pleased to announce, in compliance with
TSX Venture Exchange ("TSXV") policies, the first tranche closing of its
previously disclosed non-brokered private placement for gross proceeds of
Cdn.$133,625.00 (the "Offering"). Under the Offering, the Corporation issued
1,069,000 units (the "Units") at Cdn.$0.125 per Unit.Each Unit consisted of
one Class A share ("Common Share") and one half of one Class A share purchase
warrant (the "Warrants"). Each whole Warrant will entitle the holder to
purchase one Common Share of the Corporation (the "Warrant Share") at a price
of Cdn.$0.20 per Warrant Share until January 18, 2015.The Units issued will
be subject to a statutory four month plus one day hold period from January 18,
The Corporation paid finder's fees of Cdn.$10,690 and issued 85,520 finder's
warrants ("Finder's Warrants") in connection with the Offering.Each Finder's
Warrant entitles the holder to purchase one Common Share of the Corporation
(the "Finder's Warrant Share") at a price of Cdn.$0.20 per Finder's Warrant
Share, until January 18, 2015.The Finder's Warrant Shares issued will be
subject to a statutory four month plus one day hold period from January 18,
The Offering was conducted in reliance upon certain prospectus and
registration exemptions. The net proceeds from the Offering will be used to
enhance the Corporation's cash on hand and strengthen its working capital
position.Post closing, Gemoscan has a total of 28,328,063 Common Shares
The Offering and finder's fees are subject to applicable regulatory approvals,
including final acceptance of the TSXV.
ABOUT GEMOSCAN CANADA, INC.
Gemoscan is an industry leader in food intolerance management and maintains a
first-to-market position with Canada wide distribution through select retail
partners. Founded in 2003, using its proprietary patented technology; Gemoscan
develops, owns and markets comprehensive food sensitivity and dietary
management solutions for consumers, including the HEMOCODE^TM Food Intolerance
System, a personalized naturopathic nutritional program that promotes
well-being. Gemoscan is the first and only provider to commercialize a food
intolerance management solution directly to consumers in partnership with
retailers, and today offers the most comprehensive services available.
Gemoscan Canada, Inc. trades its shares on the Toronto Venture Exchange
(TSX-V) under the symbol GES and is quoted on the Munich, Frankfurt and
Stuttgart Stock Exchanges under the symbol 1GE.
This news release contains certain "forward-looking information." All
statements, other than statements of historical fact that address activities,
events or developments that Gemoscan believes, expects or anticipates will or
may occur in the future. These forward-looking statements reflect the current
expectations or beliefs of Gemoscan based on information currently available
to Gemoscan. Forward-looking statements are subject to a number of significant
risks and uncertainties and other factors that may cause the actual results of
Gemoscan to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the expected
consequences to, or effects on Gemoscan. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, Gemoscan disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although Gemoscan believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
Neither 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.
CONTACT: FOR ADDITIONAL INFORMATION CONTACT:
Gemoscan Canada, Inc.
Director, President and CEO
Company website: www.gemoscan.com
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