TORONTO, ONTARIO--(Marketwire - Aug. 17, 2011) - Gemoscan Canada, Inc. ("Gemoscan" or the "Corporation") (CNSX:GES) announces, subject to regulatory approval, that it plans to issue up to 2,857,143 units (the "Units") of the Corporation in a non-brokered private placement (the "Private Placement") at a price of Cdn.$0.35 per Unit for total gross proceeds of up to Cdn.$1,000,000. Each Unit consisting of one Class A share ("Common Share") and one half of one Class A share purchase warrant (a "Warrant").
Each whole Warrant will entitle the holder to purchase one Common Share of the Corporation (the "Warrant Share") at a price of Cdn.$0.55 per Warrant Share. All Warrants will expire two years from the closing of the Private Placement.
Proceeds from the Private Placement will be used to enhance the Corporation's cash on hand 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. Gemoscan currently has a total of 20,990,005 Common Shares outstanding.
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.
Gemoscan is a company listed and trading on the Canadian National Stock Exchange, symbol: GES.
Neither the CNSX nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.