Seair Announces Intention to Exercise Share Interest Right Under Trust Indenture
May 30 2014 - 12:27PM
Marketwired
Seair Announces Intention to Exercise Share Interest Right Under
Trust Indenture
CALGARY, ALBERTA--(Marketwired - May 30, 2014) - Seair Inc.
(TSX-VENTURE:SDS) ("Seair" or the "Corporation") announces that,
pursuant to the terms and conditions of a trust indenture entered
into between the Corporation and BNY Trust Company Of Canada dated
as of October 31, 2012, as supplemented by the first supplemental
indenture made effective October 31, 2013 and as further
supplemented by the second supplemental indenture made effective
May 14, 2014 (collectively, the "Indenture") providing for the
issuance of 8% Secured, Subordinate, Convertible, Redeemable
Debentures (the "Debentures") of the Corporation, the Corporation
has provided notice to Trustee that effective June 1, 2014 and
continuing until maturity on December 31, 2015, all interest
payments on the Debentures issued under the Indenture will be paid
in common shares of the Corporation (the "Share Interest
Right").
The number of common shares to be paid in lieu of cash pursuant
to the exercise of the Share Interest Right will be calculated by
dividing the applicable interest obligation amount payable in
common shares (approximately CDN$120,000) by the closing market
price of the common shares on the TSX Venture Exchange (or such
other exchange as the common shares may then be listed) on the last
trading day immediately preceding the date on which the applicable
interest obligation is due. The first issuance of common shares in
lieu of cash will be for the June 30, 2014 interest obligation
under the Indenture.
The issuance of the common shares in lieu of cash under the
Share Interest Right is subject to the terms and conditions of the
Indenture as well as the receipt of all requisite approvals,
including, without limitation, the approval of the TSX Venture
Exchange.
ABOUT SEAIR
Seair Inc. (TSX-VENTURE:SDS) 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 info@seair.ca or visit the Seair
website at www.seair.ca.
Seair is proud to be recognized as one of the Top 5 Cleantech
companies in the TMX 2012 Venture 50.
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 of the Company will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act, and may not be offered or sold within the United
States or to, or for the account or benefit of U.S. persons except
in certain transactions exempt from the registration requirements
of the U.S. Securities Act.
Forward-looking Statements and Information
This news release contains certain statements that may be
"forward-looking statements". Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words "expects," "plans," "anticipates,"
"believes," "intends," "estimates," "projects," "potential" and
similar expressions, or that events or conditions "will," "would,"
"may," "could" or "should" occur. In particular, but without
limiting the foregoing, this news release contains forward-looking
statements pertaining to, among other things, the payment of
interest on debentures in common shares of the Corporation, the
amount of the quarterly interest payment obligations and receipt of
approval from the TSX Venture Exchange. Although Seair believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results may differ materially from
those in forward-looking statements.
In evaluating forward-looking statements readers should
consider the risk factors which could cause actual results or
events to differ materially from those indicated by such
forward-looking statements.
Forward-looking statements are based on the beliefs,
estimates and opinions of Seair's management on the date the
statements are made. Except as required by law, Seair undertakes no
obligation to update these forward-looking statements.
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 news release.
Seair Inc.Jim LairdCFO780-477-7188info@Seair.cawww.seair.ca
Seair Inc. (TSXV:SDS)
Historical Stock Chart
From May 2024 to Jun 2024
Seair Inc. (TSXV:SDS)
Historical Stock Chart
From Jun 2023 to Jun 2024