LONDON, Ontario--(BUSINESS WIRE)--Further to PWC Capital Inc.’s (TSX:PWC) (“PWC”) announcement of August 28, 2014, PWC on its own behalf, as well as on behalf of Eugene George of Kitchener, Ontario (“Mr. George”) for the purposes of Mr. George’s early warning reporting requirements under applicable Canadian securities laws, announced today that it has completed a private placement (the “Private Placement”) to Mr. George. The Private Placement was for an aggregate of 4,700,000 Common Shares of PWC (“Common Shares”) at a price of $0.60 per Common Share for total gross proceeds of $2,820,000.
The Common Shares of PWC acquired by Mr. George pursuant to the Private Placement represent approximately 12.04% of PWC’s issued and outstanding common shares following completion of the Private Placement. Mr. George now owns 7,320,500 common shares of PWC, representing approximately 18.75% of the issued and outstanding common shares of PWC.
Mr. George stated that, “I have known David Taylor, the President and CEO of PWC, for many years and have confidence in him and the company. I believe that PWC’s common shares represent an attractive long term investment.” Mr. George indicates that he acquired such securities for investment purposes only and, subject to applicable securities laws, may acquire additional securities of PWC in the future for the same purpose.
PWC has obtained conditional approval of the Private Placement from Toronto Stock Exchange (“TSX”). All securities issued pursuant to the Private Placement are subject to a four month hold period.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States absent such registration or an applicable exemption from such registration requirements.
PWC Capital Inc.’s Common Shares trade on the TSX under the symbol PWC.