News

VRB Power Systems Closes $10.2 Million Financing

July 11, 2005 by Jeff Shepard

VRB Power Systems Inc. (Vancouver, BC) announced that it has completed the sale of 14,167,000 special warrants at a price of CAD$0.72 per special warrant, representing gross proceeds of CAD$10,200,240. The financing was led by Sprott Securities Inc., and included Loewen, Ondaatje McCutcheon Ltd. and Fraser Mackenzie Ltd.

The special warrants and the underlying common shares will be subject to a regulatory four-month hold period unless otherwise qualified for resale.

The company will use attempt to obtain a receipt for a final short-form prospectus as soon as practicable, which will qualify for sale the common shares issued pursuant to the financing. In the event that a receipt for a final short-form prospectus is not obtained within 90 days of closing, each special warrant will thereafter entitle the holder thereof to receive, at no additional cost, 1.1 common shares (instead of one common share).