ESI Closes $550,000 Private Placement
22 1월 2014 - 2:01AM
Marketwired
ESI Closes $550,000 Private Placement
VICTORIA, BRITISH COLUMBIA--(Marketwired - Jan 21, 2014) - E. S.
I. Environmental Sensors Inc. ("ESI" or the "Company")
(TSX-VENTURE:ESV) is pleased to announce the closing of the
Company's private placement for gross proceeds of $548,676.60. The
Company closed the private placement in two tranches. The Company
has issued a total of 10,973,532 common shares and 400,000 common
shares for finder's fees. As well, the Company has issued
10,973,532 warrants (a "Warrant"). Each Warrant is exercisable into
an additional common share for a period of three years from the
date of issuance. 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 TSX Venture
Exchange has ("Exchange") accepted the Company's filings with
respect to the private placement. The proceeds from this financing
will be used for general working capital purposes. The Company has
issued 400,000 common shares as payment of finder's fees and also
$2,667.66 in cash finder's fees.
Due to the fact that the private placement was completed in two
tranches, there are two hold period expiry dates and two warrant
expiry dates associated with the shares and warrants issued. The
first tranche four month hold period on 7,190,000 common shares
expires March 18, 2014; the second tranche four month hold expires
on 4,183,532 common shares expires May 6, 2014. Any common shares
issued as the result of conversion of warrants will also be subject
to the same hold periods. In addition, 6,940,000 warrants will
expire on November 18, 2016, while 4,033,532 warrants will expire
on January 6, 2017.
The new issued and outstanding common shares of the Company now
total 158,714,160. Avis Financial Corporation ("AFC"), the
Company's majority shareholder invested a further $176,000 in ESI,
purchasing 3,520,000 common shares and warrants through the private
placement. After the closing of the private placement AFC now owns
57.7% of the Company, a decrease of 2% from their prior ownership
level.
The Company also wishes to announce that Stephan Radermacher,
the Chairman of the Board of Directors for ESI, has been appointed
to act as Interim CEO of the Company. Mr. Radermacher has been
serving as Chairman of the Board of ESI since his appointment in
2011.
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 production. 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 was designed for the oil industry to measure the
volumetric presence of water pumped during crude oil extraction for
characterization and optimization of the process. 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.
Investor Relations:E.S.I. ENVIRONMENTAL SENSORS INC.2071C
Malaview Avenue WestSidney, BC V8L 5X6250.655.3211 or
1-800.799.6324investor.relations@esica.comMedia Contact:Bernard
Beauchesne250.655.3211 or
1-800.799.6324bbeauchesne@esica.comwww.esica.com
E.S.I. Environmental Sensors (TSXV:ESV)
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