CALGARY, ALBERTA–(Marketwired – May 5, 2017) – GEA Technologies Ltd. (NEX:GEA.H) (“GEA” or the “Company”) announces the closing of the previously announced non-brokered private placement (the “Private Placement“) of 2,000,000 Class A common shares at a subscription price of $0.05 per share, for gross proceeds of $100,000.
Certain directors, officers or other insiders of the Company purchased 37% of the shares offered in the Private Placement.
The proceeds from the Private Placement will be used to fund the working capital requirements of the Company. All securities issued pursuant to the Private Placement are subject to a standard statutory four month hold period in accordance with applicable securities laws.
Forward Looking Statements
This news release contains forward-looking statements. The Corporation has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Corporation’s control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Corporation will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
Trading in the securities of GEA TECHNOLOGIES LTD. should be considered highly speculative.
Neither the 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.
Robert Thomas
CFO
(403) 862-7463
GEA Technologies Ltd.
Tony Ruggieri
CEO
(403) 703-8395