MELFORT, SK, Jan. 12, 2015 /CNW/ - Hodgins Auctioneers Inc.
(HA-TSX.V) ("Hodgins" or the "Company") wishes to
announce that it will be seeking shareholder approval at the
annual general and special meeting of shareholders to be held on
February 13, 2015 to consolidate its
common shares on the basis of 2 old for 1 new. The Company
will keep its existing name and trading symbol.
The Company has sought TSXV approval for a proposed non-brokered
private placement of up to 11,000,000 units at a price $0.05 per unit for gross proceeds of up to
$550,000. Each unit will be
comprised of one common share (post 2 old for 1 new consolidation)
in the capital of Hodgins and one half of one common share purchase
warrant. Each full warrant will entitle the holder to
purchase one common share (post 2 old for 1 new consolidation) at a
price of $0.075 per common share
exercisable no later than the date that is one year from the date
of issuance of such warrant provided. All of the
securities issued under the private placement will be subject to a
four month resale restriction and will contain a legend which will
detail the resale restriction. There is no minimum
subscription under the private placement and Hodgins may close the
offering in several tranches, however, the private placement must
be concluded by February, 2015. The proceeds of the private
placement will be unallocated and may be used for working capital
or to partially fund acquisitions. In connection with this
private placement, Hodgins will pay cash finder's fees equal to 8%
of the funds raised to eligible finders who introduce subscribers
to the private placement and issue one common share and one
finder's fee warrant for every 10 units issued to eligible
subscribers. Each finder's fee warrant will be issued to
finders on the same terms as the warrants comprising the units.
About Hodgins Auctioneers Inc.
Headquartered in Melfort, SK
for more than 50 years, Hodgins Auctioneers is a provider of
professional auction services. Hodgins is renowned for its
experienced Auctioneers, award-winning promotions, dependable
results and commitment to providing the ultimate marketplace for
the sale of assets by auction.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Hodgins Auctioneers Inc.