TORONTO – Essex Angel Capital Inc. (TSXV:EXC) has scrapped a proposed private placement of common shares and decided not to go ahead with its further planned investment in a company called Wellness Indicators Inc.
Essex Angel said Friday that unfavourable market conditions have forced it to cancel a plan to raise money
“As a consequence of the termination of the proposed private placement, the corporation has also determined not to proceed with its further investment Wellness Indicators Inc. at the present time,” Essex Angel said in a release.
“The corporation has been advised by Wellness that Wellness secured alternative financing to fund its current capital requirements.”
Essex Angel announced in late October a non-brokered private placement of more than nine million common shares at 11 cents each to raise about $1 million.
The money was to be invested in Wellness Indicators, a developer of a new wellness assessment test scheduled for commercial launch in the first quarter of 2012.
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