Seair Inc. Announces Completion of Equity Transactions and Progress on Customer Trials
December 9, 2014 (Source: Marketwired) — NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Seair Inc. (TSX VENTURE:SDS) (the “Company“) is pleased to announce that on December 9, 2014 it closed a non-brokered private placement financing (the “Private Placement“) raising approximately $1,160,000 by the issuance of 6,444,451 units (the “Units) at $0.18 per Unit. Each Unit was comprised of one common share (a “Share“) and one-half of one common share purchase warrant (each full Common Share purchase warrant, a “Warrant“). Each Warrant entitles the holder thereof to purchase an additional Share at $0.23 until December 9, 2016. The Warrants are issued pursuant to the terms and conditions of Warrant Indenture between the Company and CST Trust Company, as warrant agent, dated December 2, 2014.
“This financing provides us with the working capital to execute technology trials with potential partners. We’re seeing strong interest from potential partners that has evolved into technology trials. These represent specific opportunities and projects we believe will result from success at the trial stages.” commented Jeff Seibert, CEO of Seair. “Given our pipeline of business and the progress we have seen to date, we are comfortable with our previous estimate of $10 million in revenue for Calendar 2015.”
In connection with the closing, the Company paid finders’ fees of up to 6.5% in respect of subscriptions from investors introduced by various finders. The fee was paid through the issuance of that number of Units as is equal to up to 6.5% of the number of Units issued pursuant to such subscriptions.
The Shares, and any Shares issued on the exercise of the Warrants and the Finder’s Warrants, are subject to a restricted resale period under Canadian securities law and the policies of the TSX Venture Exchange (the “Exchange“) until April 10, 2015.
The proceeds of the Private Placement will be used for general corporate purposes, including funding trials with potential partners.
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The Company also announces that they have agreed to issue an aggregate of approximately 854,116 Shares (based on a price per Share of $0.21) to suppliers in exchange for satisfying outstanding obligations totaling $179,364.28.
Closing of the Private Placement and the shares for debt transactions is subject to all requisite regulatory approvals, including those of the Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Seair Inc.
Seair Inc. is a Calgary based cleantech company. Seair has commercialized proprietary technology that can diffuse gases, such as oxygen, ozone and carbon dioxide, into liquids more effectively and with lower power consumption than the competition. Seair’s patented technologies can produce micron size bubbles that are more efficient than other diffusion technologies because the diffused gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. Seair has been working with customers in the Oil and Gas industry for over five years. Seair applications include oil sands SAGD water solutions, frac and produced water treatment, industrial ponds treatment, mine dewatering/treatment, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment and most recently, industrial emissions treatment. Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to [email protected] or visit the Seair website at www.seairinc.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the 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>