Valcent Products (OTC:VCTZF) announced today that it completed an initial closing of $1,432,855 under a private placement at $0.15 per unit. Each unit consists of one common share and one half warrant. One whole warrant is exercisable into one common share at $0.25. The Company issued a total of 9,552,364 units at the closing. Shares of Valcent closed yesterday at $0.23 per share and average nearly 80,000 shares traded per day. The company has a market cap of $13.2 million and a 52-week range between $0.05 and $0.52 per share.Stephen Fane the Company's Chief Executive Officer said, "This Private Placement represents an important milestone for the Company." The Company will use $934,766 of the private placement to retire all of its Secured Promissory Notes. As part of the negotiations with the Note Holders the Company agreed to issue an additional 4,047,685 warrants at an exercise price of $0.15 for a two year period. The balance of the private placement will be used for general working capital purposes. Fane added, "We appreciate the loyalty and strong support from our current shareholders as we take the Company through the first phase of its new business plan with our new management team in place."
Valcent Products specializes in vertical, eco-friendly urban growing solutions. For more information, visit: www.valcent.net.
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