03:42 PM EST - Avcorp Industries Inc. : announced that it has signed an amended transaction with Panta Holdings B.V. Avcorp and Panta have amended their Investment Agreement dated June 15, the original terms of which did not receive the approval of the Toronto Stock Exchange. Under the amended agreement, Panta has agreed to purchase 16,157,465 common shares of Avcorp at a price of $0.15 per share for total gross proceeds of about $2.42 million. The proceeds from the Panta private placement would be used as working capital and to repay a bridge loan of about $1.5 million advanced by Panta on June 15 and a shareholder loan owing to Michael Scholz, a former director of the company, in the principal amount of $400,000. The shares issuable to Panta under the Panta private placement represent 50% of the current outstanding common shares of Avcorp. On closing, Panta would own about 33.3% of the outstanding common shares of Avcorp. Avcorp Industries Inc.
shares T.AVP are trading even at $0.16.
