JER Announces Closing of Third Tranche of Private Placement
August 27 2008 - 12:34PM
Marketwired
JER Envirotech International Corp. (TSX-V: JER) (FRANKFURT: KFTB)
("JER" or the "Company") is pleased to announce that further to its
news releases dated April 15, 2008, May 30, 2008 and June 27, 2008,
it has received final TSX Venture Exchange acceptance with respect
to the closing of the third tranche of its non-brokered private
placement.
The Company sold 1,910,409 units at a price of $0.33 per unit
for gross proceeds of $630,435. Each unit consists of one common
share and one half share purchase warrant of the Company. Each
whole warrant entitles the holder to purchase one additional common
share of the Company at a price of $0.50 for a period of one year
from closing date. These units are subject to a hold period
expiring December 27, 2008. This closing is the third tranche of
the Company's previously announced private placement of up to
8,000,000 units.
The Company shall pay $27,963 in cash as a finder's fee on a
portion of this third tranche of private placement.
The total financing, including the closing of the first tranche
of 1,931,559 units for gross proceeds of $637,415, the closing of
the second tranche of 2,664,545 units for gross proceeds of
$879,300 and the closing of the third tranche of 1,910,409 units
for gross proceeds of $630,435, resulted in the Company issuing a
total of 6,506,513 units for total gross proceeds of
$2,147,150.
About JER Envirotech International Corporation
JER is a global manufacturer of thermoplastic biocomposite
compounds and sheeting. The Company's patented technology utilizes
waste or by-product materials, such as wood fibre or rice hulls, to
produce environmentally-friendly alternative products for
applications in the construction, transport, automotive and toy
industries. The Company currently has a range of biocomposite
formulations which it developed in collaboration with the National
Research Council - Industrial Materials Institute of Canada.
JER currently has manufacturing operations in Canada, Malaysia
and the Philippines. The Company is publicly-traded on the TSX
Venture Exchange (TSX-V) under the symbol "JER" and on the
Frankfurt Stock Exchange under the symbol "KFTB."
JER ENVIROTECH INTERNATIONAL CORPORATION
"Ji Yoon"
Mr. Ji Yoon
Chief Financial Officer
International: +1(604) 940-9262
jyoon@jerenvirotech.com
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. This news release contains
certain forward-looking statements that reflect the current views
and/or expectations of JER Envirotech International Corp. with
respect to its performance, business and future events. Investors
are cautioned that all forward-looking statements involve risks and
uncertainties including, without limitation, those relating to
changes in the market, potential downturns in economic conditions,
foreign exchange fluctuations, demand for thermoplastic
biocomposites, competition and our ability to implement our
business plans and strategies in a timely manner or at all. These
risks, as well as others, could cause actual results and events to
vary significantly. JER Envirotech International Corp. does not
undertake any obligations to release publicly any revisions for
updating any voluntary forward-looking statements.
(2008-08 #19)
Distributed by Filing Services Canada and retransmitted by
Marketwire
For more information, visit www.jerenvirotech.com or contact:
Mr. Ji Yoon Chief Financial Officer International: +1(604) 940-9262
Email Contact Investor Relations: Mr. Mark Komonoski VP Corporate
Communications Toll-Free: 1-877-255-8483 International: +1(403)
470-8384 Email Contact Email: Email Contact Website:
www.jerenvirotech.com
Jer Envirotech International Corp Com Npv (TSXV:JER)
Historical Stock Chart
From May 2024 to Jun 2024
Jer Envirotech International Corp Com Npv (TSXV:JER)
Historical Stock Chart
From Jun 2023 to Jun 2024