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VSYS > SEC Filings for VSYS > Form 8-K on 28-Nov-2012All Recent SEC Filings

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Form 8-K for VISCOUNT SYSTEMS INC


28-Nov-2012

Unregistered Sale of Equity Securities


Item 3.02 Unregistered Sale of Equity Securities.

On November 26, 2012, Viscount Systems, Inc. completed a private placement of 10,000,000 units at a price of $0.05 per unit for total proceeds of $500,000. Each unit consists of one common share and one-half of one share purchase warrant of Viscount, with each whole warrant exercisable to acquire an additional share of Viscount at a price of $0.10 for a period of 5 years from the closing date.

In connection with the offering, the Company paid to a registered broker-dealer a cash commission of $50,000 and issued share purchase warrants to acquire 1,000,000 shares of common stock of the Company at a price of $0.05 per share for a period of 5 years from the closing date. The warrants may be exercised on a cashless basis.

The securities were sold to accredited and non-U.S. investment funds and to a registered broker-dealer pursuant to the exemptions from registration under Rule 506 of Regulation D and Regulation S, both promulgated under the United States Securities Act of 1933.

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