CALGARY, Alberta-Cell-Loc Inc. completed a private placement for gross subscription proceeds of $108,773 in relation to the issuance of 357,143 units. Each unit, composed of one common share and one common share purchase warrant, was priced at 42 cents. Each warrant entitles the holder to purchase one common share priced at 45 cents upon exercise within 24 months.
Separately, Cell-Loc announced a settlement has been reached ending the $46 million litigation action initiated by Aimtronics Corp. against Cell-Loc and Michel Fattouche, former chief executive officer of Cell-Loc. Under the agreement, Cell-Loc will pay $2.5 million, due and payable in two years, to take ownership of finished network inventory from Ansen Corp., the assignee of the Aimtronics interest in the claim.
