Pethealth nets $3.6 million from placement

Pet insurance specialist Pethealth Inc. has netted $3.6 million through its previously announced private placement of 30,000,000 units at $0.12 each.”We are delighted to have closed this financing given the turbulent conditions of the financial markets over the past few months and we feel it speaks extremely well of our accomplishments to date,” says Mark Warren, president and CEO of Pethealth. The capital will go to working capital requirements and general corporate purposes, states a release.Each unit included one common share and one common share purchase warrant, allowing the buyer to purchase one common share for $0.15 prior to December 19, 2002. The shares and warrants from the placement will be held for four months, expiring either November 17 or December 1, 2002.The placement has been conditionally approved by the TSX Venture Exchange, but is subject to final approval.