|
January 07, 2004
Ableauctions Completes $3 Million Placement FIFE, WASHINGTON - January 7, 2004 - Ableauctions.com Inc. (AMEX:AAC) (the "Company") announced today that it has completed the sale of 4,615,385 shares of its common stock to select institutional investors, raising a total of $3 million. The per share offering price was $0.65. The investors also received warrants to purchase an aggregate of 1,384,616 of common stock at an exercise price of $.80 per share. The transaction was approved by Amex. Proceeds from the offering will be used for working capital and increase the Company's cash and cash equivalents to $6.2 million and Shareholder's Equity to over $7 million. Further details relating to the financing are included in the Form 8-K filed by the Company with the Securities and Exchange Commission. About Ableauctions.com Ableauctions.com is a high-tech auctioneer that conducts auctions live and simultaneously broadcasts them over the Internet. With the experience of 3,000 auctions, the Company has developed its own technology to broadcast auctions over the Internet (www.ableauctions.com/technology) and currently provides the technology and related services to auction houses, enabling them to broadcast auctions over the Internet. For a comprehensive Corporate Update and prior releases, visit www.ableauctions.com. For more information, contact Investor Relations at investorrelations@ableauctions.com.About iCollector.com iCollector.com is a wholly owned subsidiary of Ableauctions and is the independent connection to the world's auction houses. Founded in 1994, it was the first company dedicated to trading antiques, fine art and premium collectibles on the Internet. Today iCollector.com represents some of the world's leading auction houses. Since January 2001, its alliance with eBay Live Auctions has resulted in hundreds of Live Auctions being broadcast in real-time, directly to the salesroom as the auction happens, selling tens of thousands of lots to many thousands of users online. With its unparalleled understanding and expertise in this sector, iCollector can help you to maximize your opportunities to find, buy or sell art, antiques and collectibles online. |