JER Envirotech International Corp.: Closing of Third Tranche of Private Placement
The Company sold 1,910,409 units at a price of $0.33 per unit for gross proceeds of $630,435. Each unit consists of one common share and one half share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.50 for a period of one year from closing date. These units are subject to a hold period expiring December 27, 2008. This closing is the third tranche of the Company's previously announced private placement of up to 8,000,000 units.
The Company shall pay $27,963 in cash as a finder's fee on a portion of this third tranche of private placement.
The total financing, including the closing of the first tranche of 1,931,559 units for gross proceeds of $637,415, the closing of the second tranche of 2,664,545 units for gross proceeds of $879,300 and the closing of the third tranche of 1,910,409 units for gross proceeds of $630,435, resulted in the Company issuing a total of 6,506,513 units for total gross proceeds of $2,147,150.
About JER Envirotech International Corporation
JER is a global manufacturer of thermoplastic biocomposite compounds and sheeting. The Company's patented technology utilizes waste or by-product materials, such as wood fibre or rice hulls, to produce environmentally-friendly alternative products for applications in the construction, transport, automotive and toy industries. The Company currently has a range of biocomposite formulations which it developed in collaboration with the National Research Council - Industrial Materials Institute of Canada.
JER currently has manufacturing operations in Canada, Malaysia and the Philippines. The Company is publicly-traded on the TSX Venture Exchange (TSX-V) under the symbol "JER" and on the Frankfurt Stock Exchange under the symbol "KFTB."
JER ENVIROTECH INTERNATIONAL CORPORATION
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of JER Envirotech International Corp. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, demand for thermoplastic biocomposites, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. JER Envirotech International Corp. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.
For more information, visit http://www.jerenvirotech.com or contact:
Mr. Ji Yoon
Chief Financial Officer
International: +1(604) 940-9262
Mr. Mark Komonoski
VP Corporate Communications
International: +1(403) 470-8384
Email: Email Contact
Source: JER Envirotech International Corp.