Vanteck Announces $1.5 Million Private Placement

June 25, 2002 by Jeff Shepard

Vanteck Technology Corp. (VRB, Vancouver, BC) announced that it negotiated, subject to regulatory acceptance, a non-brokered private placement of two million units of Vanteck at a price of $0.75 per unit. Each unit is comprised of one common share and one common share purchase warrant with each warrant entitling the holder to acquire one Vanteck common share at a price of $1.25 per unit for a period of one year.

The private placement will provide Vanteck with gross cash proceeds of $1.5 million. The proceeds of the private placement will be added to working capital and will be used to fund ongoing business, generation of new business and general corporate use.