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Toxin Alert Inc.: Toxin Alert Inc. Announces Private Placement of Shares & Warrants

^{Published on 2008-11-17 13:06:52 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2008) - Toxin Alert Inc. (TSX VENTURE:TOX) announced today that it was commencing a private placement of the company's securities to raise funds for completion of its annual audit and for other general corporate purposes.

The placement will consist of 1,500,000 units consisting of one common share and one-half warrant to purchase a common share for $0.15 for a period of two years. Each unit is priced at $0.10 per unit. Subscription to the placement is limited to Accredited Investors.

The current need for funds arose because of the failure of the University of Southern Mississippi to pay the amount of US$500,000 to Toxin Alert Corp. upon the completion of a contracted Research Agreement in April of this year. The Company is presently considering filing a law suit against the University, and although we are confident that we would prevail in a suit for contracted funds plus damages, this will take time.

Toxin Alert's business is still in the developmental stage, and although we do have license agreements in place in Europe, the U.S. and China, we have not yet commenced commercial operations. We are under contract with the U.S. Army, and one contract has completed the first stage and is under review for continuation, and a second contract is ongoing. Additionally, we are in discussions regarding the development of new sensor technology for a food company.

It is planned for the placement to close before the end of the month.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.