Tuesday, 15 May 2007

Northern Rivers Participates in AeroMechanical


AeroMechanical Services announced May 15 that it will raise gross proceeds of $3 million through two non-brokered private placements.
The first will see AeroMechanical issue 5,000,000 shares at $0.40 per share for an aggregate consideration of up to $2 million.
The second tranche calls for the issuance of 1,666,667 shares at $0.60 per share for aggregate consideration of $1 million.
Northern Rivers Capital Management's Innovation Fund will lead the private placement sales effort.
Hugh Cleland, Northern River's well-known portfolio manager, has a great track record of picking out small cap winners at the right time. Investors should perceive Northern River's participation as a positive sign for AeroMechanical's future. Northern River's Innovation fund's one year return stands at just over 60%.
AeroMechancial CEO Bill Tempany said the proceeds will be used to build inventory, increase company working capital and continue the marketing and sales efforts.
Please click here to read the full news release.