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| Wednesday, 18 November 2009, 21:12 HKT/SGT | |
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Calgary, Canada, Nov 18, 2009 - (ACN Newswire) - GINSMS Inc. is pleased to announce that it has filed a final prospectus in connection with its previously-announced initial public offering of units in each of the Provinces of British Columbia, Alberta and Ontario. CTI Capital Securities Inc. is acting as agent of the offering.
Pursuant to the offering, GINSMS will issue a minimum of 8,000,000 units and a maximum of 13,500,000 units, each unit consisting of one common share of the Corporation and one-half of one common share purchase warrant, at $0.15 per unit for gross proceeds of $1,200,000 in the case of the minimum offering, and $2,025,000 in the case of the maximum offering. One full common share purchase warrant entitles the holder to purchase an additional common share of the Corporation at a price of $0.20 until 24 months after the closing of the offering.
Closing is expected to occur on or about January 15, 2010. Sales of the units will only be made pursuant to the prospectus.
The TSX Venture Exchange has conditionally approved the listing of the common shares of GINSMS under the symbol "GOK", subject to the Corporation satisfying customary requirements of the exchange.
The Corporation is the parent company of GIN International Ltd., through its wholly-owned subsidiary, Global Edge Technology Ltd. GIN is a technology services company focused on providing inter-operator short messaging services (IOSMS) to mobile telecom operators in Hong Kong. GIN was founded in 2002 and received a public non-exclusive telecommunications service license from the Office of the Telecommunications Authority of Hong Kong, the governing body for the telecommunications sector in Hong Kong, so that it can provide IOSMS in Hong Kong. IOSMS is a short message services (SMS) gateway providing connections between all mobile and fixed line operators. The gateway identifies the recipient's operator ID and delivers the message to the corresponding operator's SMS gateway. IOSMS' function is to identify and deliver an SMS correctly. GIN has agreements with various telecommunications operators in Hong Kong. These operators are charged a fee based on traffic relayed through GIN's IOSMS gateway.
The net proceeds of the offering will be used to meet the Corporation's stated business objective to become a leading SMS and data hubbing service provider to mobile network operators in Hong Kong and China and to establish an international SMS and value added services (VAS) business. Please refer to the Corporation's prospectus for a more detailed description of the proposed use of proceeds.
Certain statements contained herein constitute "forward-looking statements". These forward-looking statements are based on current expectations. The nature, timing and extent of the exploration programs may materially change from current intentions for a number of reasons. Additionally, "forward-looking statements" look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans," "intends," "anticipates," "expects" and "believes," and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations as the Corporation executes its business plan and if known and unknown risks or uncertainties affect its business, or if its estimates or assumptions prove inaccurate. The Corporation assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Investment in the units is subject to certain risks, which are described in the Corporation's prospectus. A copy of the prospectus is available under the Corporation's profile on SEDAR at: www.sedar.com.
For further information, please contact:
Raymond Richard
GINSMS Inc.
Corporate@ginsms.com
CTI Capital Securities Inc.
Tel: +1-514-861-4317
Topic: Press release summary
Sectors: Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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