Seprotech Announces Private Placement
September 15 2011 - 7:39AM
PR Newswire (Canada)
OTTAWA, Sept. 15, 2011 /CNW/ -- OTTAWA, Sept. 15, 2011 /CNW/ -
Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the
"Company") announces a non-brokered private placement offering (the
"Offering") of common shares at $0.05 per share to accredited
investors to raise gross proceeds of a minimum of $400,000 and up
to $600,000. It is anticipated that companies controlled by an
Insider of the Company, Seprotech's CEO & Chairman Jordan
Grant, will participate in the Offering for up to a maximum of 25%
of the Offering. Mr. Grant's companies will participate in the
Offering on the same terms and conditions as the other subscribers.
The common shares issued pursuant to the Offering will be subject
to a four month hold period from the closing date of the Offering.
The private placement is subject to the acceptance of the TSX
Venture Exchange. Proceeds from the private placement will be
utilized as working capital to execute the various contracts
announced since June 2011, as well as funding overhead pending
commencement of cash flow from such contracts, and for repayment of
normal course trade and bank debt. About Seprotech: Seprotech is a
provider of pre-engineered water and wastewater treatment solutions
to the development, resource and military sectors, including
Reverse Osmosis water purification systems, ROTORDISK® biological
sewage treatment package plants and CrystalBlue™ 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 Company's strategies and other statements the
private placement financing activities of the Company, 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 Company. These statements are not historical
facts but instead represent only the Company's expectations,
estimates and projections regarding future events. The Company 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. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/15/c3411.html
p align="left" Mr. Ian W. Malone, CFO Tel: (613) 523-1641 Fax:
(613) 731-08515 /p
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