Seprotech Completes Private Placement
September 18 2011 - 11:58PM
PR Newswire (Canada)
OTTAWA, Sept. 22, 2011 /CNW/ - Seprotech Systems Incorporated
advises that it has completed its previously announced non-brokered
private placement offering (the "Offering") for the maximum
targeted gross proceeds of $600,000. The Offering, which was
available only to accredited investors was for 12,000,000 common
shares at $0.05 per share. Also as previously announced, companies
controlled by an Insider of the Corporation, Jordan Grant, Chairman
and CEO and a director of the Corporation, participated in the
Offering for 2,000,000 common shares representing 16.7% of the
Offering. In addition, Mr William Touzel, a director of the
Corporation purchased 500,000 common shares representing 4.2% of
the Offering. Mr. Grant's companies and Mr. Touzel each
participated in the Offering on the same terms and conditions as
the other subscribers. The disclosure relating to the related party
transaction was identified in the Corporation's press release on
September 14, 2011. The information is being filed less than
21 days prior to the closing because the shorter period was
necessary in order to permit the Corporation to close the Offering,
including the related party transaction, in a timeframe consistent
with usual market practice for transactions of this nature. The
common shares issued pursuant to the Offering will be subject to a
four month hold period from the closing date of the Offering.
Proceeds from the private placement will be utilized to fund
production of several new contracts recently awarded to the
Corporation, as well as funding overhead pending commencement of
cash flow from such contracts, and for repayment of normal course
trade and bank debt. Chairman and CEO Jordan Grant stated, "We are
making steady progress in our turnaround plan, as evidenced by the
various press releases we've issued over the past several months,
which has made this offering possible. We appreciate the confidence
shown in the Corporation by the participants in this placement, who
include a combination of existing and new shareholders." About
Seprotech: Seprotech is a provider of pre-engineered water and
wastewater treatment solutions to the municipal/land development,
resource sector and military market place, including Reverse
Osmosis water purification systems, ROTORDISK® biological sewage
treatment package plants and CrystalBlueâ„¢ membrane-based water
recycling systems. Neither 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. The TSX Venture Exchange has neither
approved nor disapproved of the information contained herein. Some
of the statements in this press release, including those relating
to the Corporation's strategies and other statements, the private
placement financing activities of the Corporation, the use of
proceeds of the private placement financing, that are predictive in
nature, that depend upon or refer to future events or
conditions, or that include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates" or similar expressions,
are forward-looking statements within the meaning of securities
laws. Forward-looking statements include, without limitation, the
information concerning possible or assumed future results of
operations of the Corporation. These statements are not historical
facts but instead represent only the Corporation's expectations,
estimates and projections regarding future events. The Corporation
does not undertake any obligation to update or release any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this presentation or to reflect the
occurrence of unanticipated events, except as required by law.
Seprotech Systems Incorporated CONTACT: Mr. Ian W. Malone, CFOTel:
(613) 523-1641Fax: (613) 731-0851
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