BOUCHERVILLE, QUEBEC--(Marketwire - October 21, 2010) - Biotonix (2010) Inc. (TSX VENTURE: BTX) ("Biotonix"), a leader in postural health and fitness, today announced a private placement financing without broker to qualified investors for a maximum amount of CAD $1.4 million, for a total of 2,333,33 units.
The Company expects the closing of the private placement to occur on or around December 6, 2010.
Each unit, priced at CAD $0.60, will be comprised of one common share of Biotonix and one-half common share purchase warrant. Each whole common share purchase warrant will entitle the holder thereof to purchase one common share of the Company at CAD $1.00 for a period of 24 months following the closing of the offering. The units will be offered to accredited investors in the Provinces of Quebec, Ontario, British Columbia and Alberta. The securities issued pursuant to the offering will be subject to a 4-month restricted period and the offering will be subject to regulatory approvals.
The net proceeds of this offering will be used for bringing to market Biotonix online self-evaluation tools for posture and fitness, and working capital purposes.
At closing, Biotonix can disburse intermediation fees in cash of up to a maximum of 10% of the placement proceeds.
Biotonix (TSX VENTURE: BTX) offers innovative health solutions for posture correction and fitness using a web-based imaging software technology. Biotonix is currently developing novel orthotics for the back and foot, also geared specifically toward improving posture. For more information please visit www.biotonix.com or www.golfprint.ca
BIOTONIX'S FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. There is a risk that expectations and forward looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on these forward looking statements as they involve risks and uncertainties, which could make actual results differ materially from those projected herein and depend on a number of factors including, but not limited to, no history of profitability, future financing, intellectual property and patents, key personnel, competitive marketplace, technology obsolescence, share price volatility and other risks detailed from time to time in the Company's filings. While Biotonix anticipates that subsequent events and developments may cause its views to change, Biotonix specifically disclaims any obligation to update these forward looking statements, unless obligated to do so by applicable securities laws
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release..