GlobeTrac Closes $750,000 Financing Deal
By Staff Writer | September 5, 2003
GlobeTrac [OTCBB:GBTR], a London-based supplier of telematics and tracking services, has completed a non-brokered private placement that raised $750,000 at $1.00 per unit. Each unit consists of one share of unregistered common stock and one share purchase warrant. Each warrant is exercisable for one common share at an exercise price of $1.10 per share. The term of the warrant is two years. The funds will be used for working capital. The company also recently introduced a next-generation telematics and tracking device featuring internal battery back-up, expanded storage and forwarding capabilities, and increased GPS accuracy.