Formation Fluid Management Inc. Announces Completion of Private Placement
May 13 2014 - 10:57AM
Marketwired
Formation Fluid Management Inc. Announces Completion of Private
Placement
CALGARY, ALBERTA--(Marketwired - May 13, 2014) - Formation Fluid
Management Inc. (the "Company" or "Formation Fluid")
(TSX-VENTURE:FFM) is pleased to announce that, further to its news
releases of April 2nd and April 8th, 2014, the Company has
completed its private placement offering (the "Offering") of units
of the Company (the "Units") at a price of $0.18 per Unit.
Under the Offering, the Company sold an aggregate 12,222,178
Units for gross proceeds of $2,199,992.
Each Unit consists of one common share of the Company and
one-half of one common share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant will entitle the holder thereof to
acquire an additional common share of the Company at a price of
$0.25 per share for a period of 24 months expiring May 12,
2016.
The net proceeds from the Offering will be used primarily for
construction of new water treatment plants and as well as general
operating capital.
All of the securities issued under the Offering are subject to a
statutory hold period until September 13, 2014 in accordance with
applicable Canadian securities laws.
This news release does not constitute an offer to sell or a
solicitation of an offer to sell 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 Formation Fluid
Formation Fluid Technology has developed a waste water treatment
plan that uses a proprietary process to clean waste water. The
system is mobile and can be scaled to process required volumes.
This system treats water to meet or exceed CCME Guidelines
(Canadian Environmental Quality Guidelines), resulting in reusable
water that can be used for: Boilers, Frac Water, Water Floods, and
Drilling Operations. Formation Fluid is seeking to service a
significantly underdeveloped segment within the oil and gas
industry; its waste water treatment system is intended to cost
effectively deal with produced water while satisfying the need to
reuse and recycle an increasing valuable resource. For more
information, please visit: www.formationfluid.com or contact
Investor Relations at (403) 887-8874.
On behalf of the Board of Directors.
Ken Rose, Chief Executive Officer
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.
Formation Fluid Management Inc.Investor Inquiries(403)
887-8874info@fftinc.cawww.formationfluid.com
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