VHQ Offers 226,000 Shares31 May, 2002 By: Hive News
Canadian Chain VHQ Entertainment Inc. has closed a private placement for aggregate proceeds of $226,000 via the issuance of 226,000 Units of VHQ stock in reliance upon the prospectus and registration exemptions contained in the Securities Act (Alberta).
The Units of VHQ sold consist of one common share of VHQ and one warrant to purchase one common share of VHQ. Each Unit was sold for $1 per Unit. Each common share purchase warrant entitles the holder thereof to purchase one common share of VHQ at an exercise price of $2 per common share at any time on or before May 31, 2003 and at an exercise price of $2.25 per common share at any time from May 31, 2003 until May 31, 2004.
The completion of this private placement is subject to receipt of regulatory approval, including, but not limited to, the final approval of the Toronto Stock Exchange.
VHQ operates 48 retail stores in Canada and the e-commerce site www.vhq.ca. Its common shares are listed and posted for trading on the Toronto Stock Exchange under the trading symbol VHQ.