Sep 26 2009
Meta Health Services Inc. (TSX-V: MHS.H) is pleased to announce that, subject to regulatory and shareholder approval, it will conduct a non-brokered private placement of up to 50,000,000 units at a price of $0.005 per unit, for gross proceeds of up to $250,000. Each unit will consist of one common share in the Company (a "Common Share") and one Common Share purchase warrant. Each warrant will entitle the holder to purchase an additional Common Share at a price of $0.05 per share for a period of one year. All securities will be subject to a four month hold period.
If the private placement is fully subscribed, there will be 63,122,040 Common Shares issued and outstanding on closing (or 113,122,040 Common Shares, assuming the exercise of the warrants).
The Company expects that a single investor will subscribe for all of the units available under the private placement, and that this will create a new control person under the policies of the TSX Venture Exchange. As a result the Company will seek the written consent of more than 50% of the shareholders of the Company to the private placement in accordance with the policies of the TSX Venture Exchange.
The proceeds from the sale of the units will be used by the Company for general working capital.
Source: META HEALTH SERVICES INC.