Vanteck Technology Closes Private PlacementDecember 01, 2002 by Jeff Shepard
Vanteck (VRB) Technology Corp. (Vancouver, BC) announced that it has completed its previously announced non-brokered private placement of 12,279,000 units of Vanteck at a price of $0.10 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 $0.10 per unit for a period of one year.
The private placement will provide Vanteck with gross cash proceeds of $1,227,900. Finder's fees of $80,815, 160,850 common shares of Vanteck and 310,500 warrants entitling the holder to acquire one Vanteck common share at a price of $0.10 per unit for a period of one year are payable. The proceeds of the private placement will be used to complete the PacifiCorp project and generate new business.