March 21, 2006 by Canadian Underwriter
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has closed the CD$126,000.00 private placement of the Company at a price of CD$0.60 per unit.
The private placement proceeds will be added to the Company’s working capital.
Pursuant to the private placement, the Company has issued 213,500 Units (3,500 of these Units were issued to Canaccord Capital Corporation as a commission).
Each Unit consists of one common share and one common share purchase warrant. Each Warrant is exercisable to purchase an additional common share of the Company at a price of CD$0.80 per share for a period of 12 months from the closing date of the private placement, which may result in an additional CD$170,800.00 of proceeds to the Company.
Anthony Clark is a general insurance broker and has expanded principally though internal growth and brokerage acquisitions of 23 general insurance brokerages and processes approximately CD$107,000,000 annually in insurance premiums for its 63,000 customers.