Noveko International Inc. ("the Company") is pleased to announce the closing of an initial amount of $11.7 million (the "first Closing") of its previously announced best efforts private placement (the "Offering"). It is expected that a second and final closing of the Offering will occur no later than October 30, 2009.
Pursuant to the first Closing, each Unit was offered at $2.20 and consisted of one (1) Class A share of the Company (a "Class A Share") and one-half of one Class A Share purchase warrant (each whole Class A Share purchase warrant, a "Warrant"). Each Warrant entitles its holder to purchase, at a price of $3.00 per share, one Class A Share for a period of 36 months following the first Closing, subject to acceleration as described below. Accordingly, a total of 5,301,000 Class A shares were issued by the Company and an additional 2,650,500 Class A shares may be issued upon due exercise of the Warrants. Also, the option previously granted by the Company to the Agents (the "Agents' Option") was modified and is now exercisable at any time up to 30 days following the first Closing.