LONDON, Ontario--(BUSINESS WIRE)--PWC Capital Inc. (TSX:PWC) (“PWC”) is pleased to announce that it has entered into a Subscription Agreement with Eugene George for the private placement of 4,700,000 Common Shares of PWC, at a subscription price of $0.60 per Common Share, for aggregate gross proceeds of $2,820,000 (“Private Placement”).
The Private Placement is to be completed via two closings. The first closing of the Private Placement occurred today in respect of 850,000 Common Shares for total proceeds of $510,000. The second closing of the Private Placement is expected to occur in September, 2014, subject to regulatory approval.
Following the first closing of the Private Placement, Eugene George holds 3,470,500 Common shares of PWC, which represents 9.86% of the issued and outstanding common shares of PWC.
David Taylor, President & CEO of PWC, stated that, “I am pleased with this Private Placement as it strengthens our company’s capital and cash position.”
PWC has obtained conditional approval of the Private Placement from Toronto Stock Exchange. All securities issued pursuant to the Private Placement are subject to a four month hold period.
PWC Capital Inc.’s Common Shares trade on the TSX under the symbol PWC.
On behalf of the Board of Directors: David R. Taylor, President & C.E.O.