Pethealth proposes share placement

Pet insurance provider Pethealth Inc. (TSX Venture: PTZ) is planning a private placement of up to 30 million units, at a price of $0.12 each. Units will consist of one common share and one common share purchase warrant. Warrants can be used to buy a common share for $0.18 prior to close of business December 19, 2002.The offering is subject to regulatory approval.Recently, Pethealth, parent company of PetCare Insurance Brokers Ltd. and PetCare Insurance Agencies, announced that it sold a record 7,100 in the quarter ending June 30, 2002. This is a 70% increase over the same period a year prior. At the quarter’s end, the company had more than 30,000 policies outstanding, a 110% increase over one year ago.Also, 13,000 ShelterCare policies, for people adopting pets from shelters, were sold in the second quarter 2002 through partner Petfinder.com.Oakville, Ontario-based Pethealth provides pet insurance in Canada through PetCare Insurance Brokers, ING Insurance and Kingsway General.