Vancouver, BC, November 20, 2006--(T-Net)--Photon Control (TSX-V: PHO) announced that it has closed a first tranche of the private placement previously announced on October 11 and October 27, 2006. As a result of the closing, the Company issued 14,874,200 units, each unit consisting of one common share of the Company and one-half of one common share purchase warrant, for gross proceeds of approximately $2.23 million.
The Company also paid a total of $168,490 and issued a total of 1,123,269 non-transferable agents' warrants to the agents as commissions in connection with the closing of the private placement. Each agents' warrant is exercisable into one unit of the Company, consisting of one common share of the Company and one-half of one common share purchase warrant.
The common shares and warrants sold by the Company, the common shares issuable pursuant to the exercise of the warrants, and all securities issuable upon exercise of the agents' warrants and underlying warrants, are subject to a four-month hold period commencing on the date hereof. The private placement is subject to final approval of the TSX Venture Exchange.
"The net proceeds of the private placement will be used to increase the Company's working capital position. The Company is ramping up to meet increase in demand from its semiconductor customers," says its President, Robert Blair. "In the 4th Quarter to date actual shipments made and additional purchase orders received total approximately $2 million."
The agents for the placement are MPartners Inc., Research Capital Corporation and Bolder Investment Partners Inc.
About Photon Control Inc.
www.photon-control.com
Photon Control Inc. develops products that use light (photons) for measurement and control, using the inherent advantages of light over electricity. Photon's products offer improvements in cost, performance and safety. Photon is currently developing a range of optical meters and analyzers for industry.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
For further information
Lauren Blair, Investor Relations, (604) 422-8861, lblair@photon-control.com