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

Show all filings for VISCOUNT SYSTEMS INC



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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