Dexit Closes Offering

On August 14, 2003, with the final subscription closing on August 29, Dexit Inc. closed a $7 million brokered private placement of class A voting common shares. Toronto-based, Dexit is completing development of a new electronic payment system for consumers that will complement existing debit and credit services and offer an alternative to cash transactions.

Dexit was represented by in-house counsel Michael Fridhandler, and by Fraser Milner Casgrain LLP with a team that included Heather Zordel and Kathleen Tutton. The agent for the offering, First Associates Investments Inc., was represented by Fasken Martineau DuMoulin LLP with a team that included Gregory Ho Yuen and Mark Camilleri.