03:45 PM EST - Raytec : said it closed a non brokered private placement of 10.90 millon units at $0.30 per unit for total gross proceeds of $3.27 million. Each Unit consists of one common share and one non transferable share purchase warrant. Each Warrant is exercisable into one additional Common Share of the company at a price of $0.50 per Common Share for a period of two years, until June 29, 2011. The proceeds of the Private Placement would be held in escrow pending the receipt by Raytec of the Exchange's acceptance to Raytec's recently announced farm-in transaction with Africa Oil Corp. The Company expects to file a submission to seek such acceptance shortly. The company would pay a cash finder's fee of $163,500, equal to 5% of the total proceeds raised under the Private Placement to Peninsula Merchant Syndications Corp., upon the release from escrow of the Private Placement proceeds. In addition, the company has issued 545,000 finder's warrants, equal to 5% of the Private Placement, to the Finder. Each Finder's Warrant is exercisable into one additional Common Share of the company at a price of $0.50 per Common Share for a period of two years, until June 29, 2011. Raytec
shares V.RAY are trading down $0.005 at $0.24.
