Innovative Composites International Inc. Announces Closing of Financing
December 12 2011 - 10:16PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ TORONTO, Dec. 15, 2011 /CNW/ -
Innovative Composites International Inc. (the "Company" or "ICI")
is pleased to announce the closing of its previously announced
bought deal public offering of 13,400,000 common shares (the
"Common Shares") of the Company at a price of $0.75 per Common
Share, for aggregate gross proceeds of $10,050,000 (the
"Offering"). The Offering was conducted through a syndicate of
underwriters co-led by Canaccord Genuity Corp. and Clarus
Securities Inc., and including Raymond James Ltd., Cormark
Securities Inc. and Union Securities Ltd. (the "Underwriters"). In
connection with the Offering, the Company issued 670,000 broker
warrants to the Underwriters, each broker warrant entitling the
holder to acquire one additional common share of the Company at an
exercise price of $0.75 for 24 months after the closing. The
Underwriters also have the option (the "Over-Allotment Option"),
exercisable in whole or in part at any time up to 30 days after the
closing of the Offering, to purchase up to an additional 15% of the
Offering solely to cover over-allotments, if any, and for market
stabilization purposes. In the event that the option is
exercised in its entirety, the aggregate gross proceeds of the
Offering will be approximately $11.6 million. The Company plans to
use the net proceeds for plant expansion and general corporate
purposes. The common shares being sold pursuant to the offering
have not, and will not be, registered under the United States
Securities Act of 1933 (the "1933 Act") and may not be offered or
sold in the United States or to, or for the account or benefit of,
U.S. Persons (as such term is defined in Regulation S under the
1933 Act) absent registration under the 1933 Act or an applicable
exemption from the registration requirements thereof. About
Innovative Composites International Inc. Headquartered in Toronto,
Canada, Innovative Composite International Inc. is a high tech
engineering and manufacturing company that is successfully
commercializing a patent protected line of state-of-the-art
composite products targeted at the multi-billion dollar
transportation and affordable housing markets. Led by a team of
commercialization experts, ICI has adopted a tier two business
model: it designs and manufactures game-changing products and
partners with established companies in its target markets to
utilize their sales channels for faster product roll-out. This
strategy and the superior characteristics of the products have
resulted in rapidly growing sales in both markets and opened up
opportunities that could lead to large scale contracts on an
ongoing basis. To find out more about Innovative Composites
International Inc. , please visit our website at
http://www.innovativecompositesinc.com Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release. Statements made in
this press release include forward-looking statements that involve
a number of risks and uncertainties. These statements relate to
future events or future performance and reflect management's
current expectations and assumptions. A number of factors could
cause actual events, performance or results to differ materially
from the events, performance and results discussed in the
forward-looking statements, such as the economy, generally,
competition in its target markets, the demand for ICI's products
and the availability of funding. These forward-looking statements
are made as of the date hereof and ICI does not assume any
obligation to update or revise them to reflect new events or
circumstances. Actual events or results could differ materially
from ICI's expectations and projections. Innovative Composites
International Inc. CONTACT: Ilja TroitschanskiChief Financial
Officer(416) 646 0754 x 100ilja@innovativecompositesinc.com
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