TORONTO, ONTARIO--(Marketwire - Sept. 26, 2011) - Gemoscan Canada, Inc. ("Gemoscan" or the "Corporation") (CNSX:GES) (MUN:1GE) is pleased to announce that, in compliance with CNSX policies, the closing of the first tranche of its previously disclosed non-brokered private placement is scheduled for September 28, 2011 for gross proceeds of C$620,000 (the "Offering"). Under the Offering, the Corporation issued 1,771,428 units (the "Units") at C$0.35 per Unit. Each Unit consisted of one Class A share ("Common Share") and one half of one Common Share purchase warrant (the "Warrants"). Each whole Warrant will entitle the holder to purchase one Common Share of the Corporation (the "Warrant Share") at a price of C$0.55 per Warrant Share and all Warrants will expire no later than September 28, 2013. In connection with the Private Placement, finder's fees may be payable. The Private Placement and finder's fees are subject to applicable regulatory approvals.
Proceeds from the Private Placement will be used to enhance the Corporation's cash position and strengthen its working capital position. The securities issued will be subject to a four-month plus one day hold period from the date of closing. Post closing, Gemoscan has a total of 22,861,433 Common Shares outstanding.
Gemoscan is a company listed and trading on the Canadian National Stock Exchange, symbol: GES.
The CNSX has not reviewed and does not accept responsibility for the adequacy of this release.