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Glenbriar Technologies arranges $265,000 financing
2006-01-11 13:56 ET - News Release
Mr. Robert Matheson reports
GLENBRIAR ANNOUNCES PRIVATE PLACEMENT
Glenbriar Technologies Inc. has arranged a non-brokered private placement of 3,312,500 common shares at eight cents per share, for gross proceeds of $265,000. The last closing price prior to this announcement was eight cents per share. There are no discounts, commissions, finders' fees, warrants or options in connection with the private placement. Proceeds will be used for general corporate purposes.
All of the shares have been subscribed for by Glenbriar's officers. Certain officers have agreed to sell freely trading shares to third parties and to obtain replacement shares through the private placement. These third parties include investors introduced to Glenbriar by Oriel Partners Ltda. of Sao Paulo, Brazil, or personally known to the officers. The net result after closing will be that the holdings of Glenbriar's officers will increase by two million common shares, with an additional 1,312,500 common shares being held by the third parties. Glenbriar's officers' ownership position will increase from 57.1 per cent to 57.5 per cent. Closing is anticipated to occur on or before Jan. 31, 2006.
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