Fox-Tek Completes Private Placement
March 6, 2008
Proceeds Will Support Expanded Sales and Product Line, and Acquisitions
TORONTO, Ontario (March 6, 2008) – Fiber Optic Systems Technology, Inc. (“FOX-TEK” or the “Company”), (TSX-V: FOX), announces the completion of its over-subscribed non-brokered private placement (the “Offering”) on March 5, 2008. The Offering resulted in gross proceeds to the Company of $3,124,200 on the issuance of 10,414,000 units at a price of $0.30 per unit. Each unit consists of one common share and one-half of one warrant. Each whole warrant entitles the holder to acquire one common share of the Company at any time within twenty-four (24) months from the closing date of the private placement at a price of $0.50 per common share.
Finders' fees were paid by the issuance of 999,744 units with the same terms and conditions as the units sold in the Offering and the issuance of 1,249,680 finders’ warrants. Each finders’ warrant has an exercise price of $0.30 and entitles the holder to receive one unit with the same terms and conditions as the units sold in the Offering.
The securities issued under the Offering are subject to a hold period which expires on July 6, 2008. Following the Offering, a total of approximately 48,931,980 common shares of FOX-TEK are outstanding.
FOX-TEK has offices in Toronto, ON; Calgary, AB; Montreal, QC; Houston, TX; and Al-Khobar, Saudi Arabia. FOX-TEK is traded on the TSX Venture Exchange under the symbol “FOX”. For more information, visit www.fox-tek.com.
This press release contains forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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