pcNewsWire – Innovotech Inc. (TSX-V: IOT) has completed previously announced private placement with Lonsdale Capital Corporation, issuing 5,000,000 units at $0.08 per unit for gross proceeds of $400,000.
Innovotech Announces Completion of Private Placement, Appointment of Alan Savage to the Board of Directors and Amendment to Stock Options
Edmonton, Alberta / TheNewswire / May 8, 2017 – Innovotech Inc. (TSX-V IOT) (“Innovotech” or the “Company”) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to close on and issue 5,000,000 units (“Units”) at a price of $0.08 per Unit for gross proceeds of $400,000 received from Lonsdale Capital Corporation (the “Subscriber”) as announced on April 10, 2017. Each Unit is comprised of one (1) common share (“Common Share”) and one-half ( 1/2 ) Common Share purchase warrant. Each whole warrant will entitle the Subscriber to purchase one (1) additional Common Share at a price of $0.10 per Common Share for a period of two (2) years following the date of closing. Final acceptance from the TSX Venture Exchange is pending upon receipt of shareholder approval of the creation of the Subscriber as a new control person in connection with an exercise of warrants.
Innovotech intends to apply the proceeds from the Offering to working capital.
Pursuant to applicable Canadian securities laws, the securities issued under the Offering and any shares that may be issued on conversion of the warrants are subject to a four-month hold period from the time of closing of the Offering.
Innovotech is also pleased to announce the appointment of Alan Savage to its board of directors. Mr. Savage is currently the President of Lonsdale Capital Corporation and Southern Gold Resources Ltd. both of which are private corporations incorporated in British Columbia and has held officer and board positions in numerous public companies.
Dr. James Timourian, President of Innovotech, states, “We are very pleased and delighted to have Alan join the board of directors. Mr. Savage has over 35 years of experience with publicly listed companies and I believe he will be a great asset to the growth of the Company
Furthermore, the Company wishes to announce that it has reduced the number of stock options granted to directors and officers from 350,000 to 325,000 as initially announced on April 10, 2017.
About Innovotech Inc:
For more information contact:
Dr. James Timourian, President Connect with us:
Innovotech Inc. Website: www.innovotech.ca
Dr. Amin Omar, General Manager
Telephone: 780.448.0585, menu choice #4
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.