E.S.I. Environmental Sensors Inc. announced that it has received CAD 0.39 million in funding from Avis Financial Corp. and other investors.
On May 14, 2014, the company announced that it has extended the transaction.
On October 9, 2014, E.S.I. Environmental Sensors Inc. closed the transaction. The company has received gross proceeds of CAD 313,667.45. The company will issue 6,273,349 common shares and 6,273,349 non-transferable share purchase warrants on October 10th, 2014. Avis Financial Corp. the company's majority shareholder invested a further CAD 72,000, purchasing 1,440,000 common shares and 1,440,000 warrants in the transaction. The transaction involved participation from three placees including insiders of the company. Each warrant is exercisable into an additional common share for a period of three years, expiring on October 10th, 2017. The TSX Venture Exchange has accepted filings with respect to the transaction. The company has paid a finder's fee of CAD 24,166.75 to Quantum Economic Development Ltd. All common shares are subject to a four month hold period ending on February 7, 2015. Any common shares issued as the result of the conversion of warrants will also be subject to the same hold period. Avis Financial Corp. now owns 56.4% of the company, a decrease of 1.3% from their prior ownership level.