Seair Announces Completion of Private Placement of Convertible Debentures
May 22 2014 - 12:43PM
Marketwired
Seair Announces Completion of Private Placement of Convertible
Debentures
CALGARY, ALBERTA--(Marketwired - May 22, 2014) - Seair Inc.
(TSX-VENTURE:SDS) ("Seair" or the "Company") is pleased to announce
that it closed its private placement of 618 8% Secured,
Subordinate, Convertible, Redeemable Debentures (the "Debentures")
at a price of $1,000 per Debenture for aggregate gross proceeds of
$618,000 (the "Offering").
The Debentures bear interest at a rate of 8.00% per annum
payable quarterly. Each Debenture will be convertible at the
holder's option into common shares of the Company (the "Common
Shares") at any time after the issuance of the Debentures and prior
to December 31, 2015 at the conversion price of $0.30 per Common
Share, subject to customary anti-dilution adjustments in the event
of stock consolidation, stock splits, stock dividends and other
such events.
The Debentures will not be listed on the TSX Venture Exchange,
however, the Common Shares issuable upon conversion of the
Debentures will be listed and will be subject to a four month hold
period from the date of closing.
Integral Capital Markets, a division of Integral Wealth Services
Limited acted as the sole agent in connection with the private
placement and received a commission of $49,440 plus 164,800 broker
warrants (the "Broker Warrants") which are exercisable at $0.30 per
Common Share. The Broker Warrants will expire December 31, 2015,
unless the term of the Debentures is extended, in which case the
term of the Broker Warrants will be no more than 24 months from
closing of the Offering.
The Company intends to use the net proceeds from the Offering
for general corporate purposes.
Completion of the Offering is subject to the receipt of final
acceptance 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. Forward-looking
Statements and Information
This news release contains certain statements that may be
"forward-looking statements" or "forward-looking information"
within the meaning of applicable securities laws. 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 or information pertaining to,
among other things, use of proceeds, receipt of final approval from
the TSX Venture Exchange, future growth, business prospects and
financing opportunities. 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. 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 in the event that management's beliefs, estimates or
opinions, or other factors, should change.
The forward-looking statements contained in this news
release are made as of the date of this news release, and the
Company does not undertake any obligation to update publicly or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by securities law.
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
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