Cenit Completes Private Placement
June 16 2008 - 7:18PM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: CNT), is pleased to announce that
it has completed its previously announced financing and has raised
$400,000 in connection with its private placement of secured
convertible debentures, further to its press releases of March 13,
2008, April 18, 2008 and May 16, 2008. The Company decided to close
the private placement at the present amount as a result of
improving cash flow within the various divisions and subsidiaries
thereby minimizing interest payments. Of the proceeds raised,
$150,000 was used to redeem a previously issued convertible
debenture and the remainder will be used for working capital
purposes.
The principal amount of the debentures is interest bearing at 8%
per annum and maturing 24 months after the date of issuance. The
principal amount of the debentures is convertible at a conversion
price of $0.15 per share of the Company. The debentures, and shares
issued upon conversion of the debentures, are subject to a four
month hold from the date of issuance of the debentures.
A finders fee of 266,666 compensation warrants exercisable for a
period of two years from the date of issuance at a price of $0.12
per share have been issued in connection with the private
placement.
Cenit also advises that it has completed the sale of its Point
of Sale business, operating as Continental Asset Management Inc.,
to Transax Technologies Inc. of Quebec.
About Cenit Corp.
Cenit Corporation is a Canadian holding company which operates
subsidiaries in diverse market niches: Blue Port Technologies Inc.
(BP) and Health Promotions Strategies Inc. (HPSI). BP has a wholly
owned software development subsidiary as well as a division called
Techwork which provides recruiting placement services for qualified
engineers and designers, and HPSI was a registered gaming supplier
but did not renew its license in early 2008 due to the fact that
Cenit sold the customer list but HPSI continues to receive a
residual income stream. Cenit is continually looking for strategic
investment alternatives to enhance shareholder value.
Shares Outstanding (Non-Diluted): 23,876,327
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Cenit Corporation Birks Bovaird CEO (416) 214-9152
Website: www.cenitcorp.com
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