Issue of Equity (7360C)
March 11 2011 - 2:00AM
UK Regulatory
TIDMADID TIDMADIS
RNS Number : 7360C
Armor Designs, Inc.
11 March 2011
DRAFT Press Release 11 March 2011
Armor Designs Inc.
("Armor Designs" or "Company" or "ADI")
Equity Fundraising
Armor Designs Inc., (AIM: ADID, ADIS), the knowledge-based
designer and manufacturer of composite armour products, is pleased
to announce that it has today closed (the " Closing") a fundraising
(the "Fundraising") by which the Company has raised US$450,000,
before expenses, through a placing with investors of 30,000 new
common shares of US$0.001 each in the Company (the "Placing
Shares"). The Closing has been completed at a price of US$15 per
Placing Share (the "Placing Price"). As part of the Closing the
Company has agreed with the investor that in the event the Company
issues any shares in the capital of the Company as part of a
further fundraising at a price less than the Placing Price (the
"Lower Price") prior to 31 December 2012, the investor will have
the option to subscribe at par (being US$0.001 per share), for such
number of additional shares as they would have received had the
subscription price per share at Closing been the Lower Price rather
than the Placing Price.
The net proceeds of the Closing are for short term working
capital requirements. The Company will consider undertaking further
fundraisings if necessary to provide for the implementation of its
growth strategy over the medium term (including longer term working
capital, research and development and international business
development) which may or may not take place over the next six
months.
Application will be made for the Placing Shares to be admitted
to trading on the London Stock Exchange's AIM market. Dealings in
the Placing Shares are expected to commence on AIM at 8.00am. on 17
March 2011.
For further information please contact:
Armor Designs, Inc.
Phil Clement, Interim CEO Tel: +1 602 275 4633
Phil.Clement@armordesigns.com www.armordesigns.com
Shore Capital and Corporate Ltd.
Anita Ghanekar
Edward Mansfield Tel: +442074084080
Notes to editors
Armor Designs, Inc. ("ADI") is a knowledge-based company
specializing in next-generation composite material design,
manufacture, prototyping and testing for applications and products
for the armor industry. ADI uses a proprietary design and
manufacturing process called VCM to rapidly develop new composite
armor products of superior ballistic, weight and flexibility. The
VCM process is protected by patents and trade secrets licensed to
ADI in perpetuity for use in field of armor.
For more information on Armor Designs, Inc., please go to
www.armordesigns.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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