On closing, the over-allotment is expected to provide an additional $2,000,000 in gross proceeds to WebTech. The closing for the purchase of the common shares to be issued pursuant to the Offering is anticipated to occur on or about February 28, 2011.
The total gross proceeds to the Company from the Offering of 15,000,000 common shares, including the exercise of the over-allotment, are expected to be approximately $6,000,000. The Company plans to use the net proceeds from the Offering for working capital and for general corporate purposes. [February 25, 2011]
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