OceanLake plans $5-million private placement


2006-02-07 13:03 ET - News Release

Mr. William Car reports

OCEANLAKE COMMERCE INC ANNOUNCES PRIVATE PLACEMENT WITH KINGSDALE CAPITAL MARKETS INC.

OceanLake Commerce Inc. has engaged Kingsdale Capital Markets Inc. of Toronto, Ont., to act as agent to sell, by way of private placement, a minimum of 9,090,910 and a maximum of 22,727,273 units at 22 cents per unit for gross proceeds of approximately $2-million to $5-million to the company.

Each unit comprises one common share and one share purchase warrant, exercisable for an additional share at an exercise price of 30 cents for two years from closing. Subject to and pending all required regulatory approvals, a commission of 7 per cent in cash and broker warrants to acquire units equal to up to 7.5 per cent of the units placed at a price of 22 cents per unit for two years from closing will be payable to the agent on the proposed placement. This proposed placement is subject to TSX Venture Exchange approval.