Seair Announces Closing of Previously Announced Private Placement Financing and Debenture Exchange
CALGARY, ALBERTA--(Marketwire - Oct. 31, 2012) -
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Seair Inc. (TSX VENTURE:SDS) ("Seair") is pleased to announce that it has closed its previously announced brokered private placement offering (the "Offering"), on a commercially reasonable efforts basis, led by Acumen Capital Finance Partners Limited (the "Agent"), resulting in gross proceeds of approximately $3,026,000. The net proceeds of the Offering will be used to reduce the Corporation's indebtedness and for working capital purposes.
Seair is also pleased to announce that it has closed its previously announced exchange of outstanding debentures ("2007 Debentures") into either new debentures (the "New Debentures") or new units (the "New Units"), the terms of which were described in the Corporation's press release dated October 12, 2012. Approximately 94% of the 2007 Debentures were converted, resulting in the issuance of New Debentures in a principal amount of $6,086,947 and the issuance of 8,259,954 New Units.
The Offering and the exchange of the 2007 Debentures remain subject to final approval of the TSX Venture Exchange. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States. This release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the offered securities, in any jurisdiction in which such offer, solicitation, or sale would be unlawful.
Seair Inc. (TSX VENTURE:SDS) develops proprietary equipment that diffuses gases, such as oxygen, ozone and carbon dioxide, into liquids. Seair's patented technologies can produce micron size bubbles which are more efficient than other diffusion technologies. The result is a stable condition, where gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. This, in turn, facilitates gas-based treatment of complex and challenging wastewater and allows Seair to provide full water reuse and closed loop systems.
Seair applications include frac and produced water treatment, efficient treatment of industrial ponds, mine dewatering, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment, and oil sands/SAGD water solutions.
Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to email@example.com or visit the Seair website at www.seair.ca.
There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Seair's expectations. 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.
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