Gatorz Inc., the Toronto-based sunglasses vendor, has completed a non-brokered private placement offering previously announced on July 31, 2009 and August 25, 2009.
Gatorz issued 1,818,880 common shares at CDN $0.25 per share, for aggregate gross proceeds of CDN $454,720 ($406,000 was received in USD and then converted into CDN at the exchange rate of 1.12). The underlying securities will be subject to a four month hold period following closing of the Offering, expiring on February 6, 2010.
The proceeds of the offering will be used for among other things, debt repayment and for general working capital purposes.
Gatorz Inc. manufacturers performance eyewear, including sunglasses crafted from 7075 billet aluminum and from acetate. Gatorz distribution markets include motorcycling and other motorsports, skydiving, military, off-road, action sports, hunting & fishing, and others.