ESI Extends $500,000 Private Placement
May 14 2014 - 4:22PM
Marketwired
ESI Extends $500,000 Private Placement
VICTORIA, BRITISH COLUMBIA--(Marketwired - May 14, 2014) -
E.S.I. Environmental Sensors Inc. ("ESI" or the "Company")
(TSX-VENTURE:ESV) has extended the non-brokered private placement,
previously announced on March 27, 2014. The placement will consist
of up to 10,000,000 units ("Units") at $0.05 per Unit to raise
gross proceeds of up to CAD$500,000. Each Unit will consist of one
common share and one common share purchase warrant (a "Warrant").
Each Warrant will be exercisable into an additional common share
for a period of three years from the closing date. The Warrants
will be exercisable at a price of $0.10 for the first year
following the closing of the transaction, $0.15 for the second year
following closing, and $0.20 for the third year following
closing.
The Private
Placement is subject to TSX Venture Exchange ("Exchange")
acceptance. The proceeds from this financing will be used for
general working capital purposes and to fund the initial stages of
the recently announced Flo·Point™ development program as stated in
the Company's press release on March 13, 2014. Subject to Exchange
approval, the Company will pay finders' fees in connection with the
private placement.
About ESI
ESI is a leading manufacturer of patented and proprietary
solutions for environments where understanding the presence,
movement, and/or amount of water are important. Major market
sectors include: Agriculture, Golf and Turf, Scientific Research,
Civil Engineering and Crude Oil. ESI solutions have been
successfully introduced into more than 40 countries to enable
customers to optimize their operations by monitoring the presence
and movement of water, managing irrigation systems, and monitoring
the integrity of landfill covers. The Company's Flo·Point™
instrument targets the Oil industry to measure the volumetric
presence of water pumped during crude oil extraction for
characterization and optimization of the process. The Company has
recently announced the launch of a development program for a second
generation Flo·Point™ water/oil cut sensor. ESI differentiates
itself by translating the best technology and science available
into practical, easy to use solutions. Irrigation managers,
Reservoir Engineers, and Scientists have adopted ESI's products for
their accuracy, ease of use, repeatability, and ability to operate
in challenging environments. ESI is publicly traded on the TSX
Venture Exchange under the symbol "ESV". Further information about
ESI may be obtained through the Company's website at
www.esisensors.com.
On behalf of the Company:
Bernard Beauchesne, Chief Operating Officer
THE TSX-VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
E.S.I. Environmental Sensors Inc.Investor Relations250.655.3211
or 1-800.799.6324investor.relations@esica.comMedia Contact: E.S.I.
Environmental Sensors Inc.Bernard Beauchesne250.655.3211 or
1-800.799.6324bbeauchesne@esica.comwww.esica.com
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