Environmental Waste International Completes Private Placement
September 17, 2014 (Source: Marketwired) — Environmental Waste International Inc. (“EWS”) (TSX VENTURE:EWS) (the “Company”), today announced it has closed a private placement of 10,000,000 shares at an issue price of $0.10 per common share, raising proceeds of $1,000,000.
The common shares issued in the private placement will be subject to a hold period of four months and one day. The net proceeds from the offering will be used for general working capital purposes.
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On September 5, 2014 EWS announced that it had entered into a non-binding letter of intent (“LOI”) for the acquisition of all the shares of EWS by A.C. Simmonds and Sons Inc. (“ACSX”). Under the terms of that LOI ACSX would issue one of its shares for every 40 EWS shares. Additionally, EWS was permitted under the LOI to issue up to 20 million common shares pursuant to one or more private placements, without any change in the 40 for 1 exchange ratio.
About Environmental Waste International Inc.
Environmental Waste International, Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. EWS has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system. EWS’s unique microwave technology safely processes and recycles waste tires, while creating a highly valuable commodity output for industry, including carbon black, oil and steel. Each unit is designed to be energy efficient and where possible, create an economically positive model for the recovery of various hydrocarbon oil and gases. For more information please visit, www.ewi.ca.
This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect the Company’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under “Risks and Uncertainties” in the Company’s most recent Management Discussion & Analysis, which can be found on the Company’s profile at www.sedar.com. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>