Genesis Worldwide Inc. Announces Completion of Previously Announced Brokered Private Placement of Common Shares And Warrants
February 09 2012 - 3:50PM
PR Newswire (Canada)
/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ MISSISSAUGA, ON, Feb. 9, 2012
/CNW/ - Genesis Worldwide Inc. ("Genesis" or the "Company"), (NEX:
GWW.H), a leading provider of green and sustainable structural
building products and technology in the light steel structural
products industry, is pleased to announce that further to its press
release dated November 10, 2011, the Company has completed a
brokered private placement (the "Private Placement") through
Canaccord Genuity Corp. (the "Agent") acting as its exclusive agent
on a commercially reasonable efforts basis. Pursuant to the Private
Placement, 6,666,666 units ("Units") were issued at a price of
$0.075 per Unit, raising gross proceeds of $500,000. Each
Unit consists of one common share (a "Common Share") of the Company
and one Common Share purchase warrant (a "Warrant") of the
Company. Each Warrant entitles the holder to acquire one
Common Share at an exercise price of $0.10 at any time on or prior
to February 9, 2013. The net proceeds from the Private
Placement will be used by the Company for working capital
purposes. The Common Shares and Warrants comprising the Units
and the Common Shares issuable upon the exercise of the Warrants
will be subject to a hold period of four (4) months from the
closing of the Private Placement. On the closing of the Private
Placement, the Agent was i) paid, as agent, a cash commission
equal to 7% of the gross proceeds from the Private Placement; ii)
issued warrants ("Agent's Warrants") to acquire Common Shares equal
to 10% of the Units sold under the Private Placement, with each
such warrant entitling the Agent to acquire one Common Share at an
exercise price of $0.10 at any time on or prior to February 9,
2013; and iii) issued 933,333 Units as a corporate finance fee.
Each Unit consists of one Common Share of the Company and one
Warrant ("Corporate Finance Warrant"). Each Corporate
Finance Warrant entitles the holder to acquire one Common Share of
the Company at an exercise price of $0.10 at any time on or prior
to February 9, 2013. Following the completion of the Private
Placement, there will be 15,816,758 Common Shares of the Company
issued and outstanding. Assuming the exercise in full of the
Warrants, the exercise in full of the Agent's Warrants, and the
exercise in full of the Corporate Finance Warrants, there will be
24,083,423 Common Shares issued and outstanding. "Now that we have
completed our restructuring, this funding will allow us to
concentrate on our sales, marketing and revenue driving initiatives
that are a critical element of our strategic global business plan,"
stated Richard Pope, CEO of Genesis. About Genesis Worldwide Inc.
Genesis is a provider of green light steel building systems and
solutions targeted at the global commercial, residential and
institutional building sectors. Genesis delivers customized turnkey
structural solutions including innovative light steel products, and
provides software packages, industrial equipment, training
programs, professional services and support ("Genesis Solution") to
its customers and partners globally. Headquartered in the Greater
Toronto Area in Ontario, Canada, Genesis has established a network
of partners with engineering, manufacturing and distribution
operations in Canada, the United States, the Middle East, Eastern
Europe, Russia and South East Asia. For additional information
about the Company, visit www.genesisworldwide.com. Cautionary Note
Regarding Forward-Looking Statements This press release contains
forward-looking statements that involve risks and uncertainties,
which may cause actual results to differ materially from the
statements made. When used in this document, the words "may",
"would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect" and similar expressions are
intended to identify forward-looking statements. Such statements
reflect the Company's current views with respect to future events
and are subject to such risks and uncertainties. Many factors could
cause the Company's actual results to differ materially from the
statements made, including those factors discussed in filings made
by the Company with the Canadian securities regulatory authorities.
Should one or more of these risks and uncertainties occur or should
assumptions underlying the forward looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, or expected. The Company
does not intend and does not assume any obligation to update these
forward-looking statements, except as required by law. Shareholders
are cautioned not to put undue reliance on such forward-looking
statements. 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. Genesis Worldwide Inc. CONTACT: Genesis
Worldwide Inc.Richard PopePresident & Chief Executive Officer
Tel: (707) 478-6250Genesis Worldwide Inc.Cathy SmythManager, Legal
Administration & ComplianceTel: (647) 295-2284
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