2013-03-07 04:00:57 -
March 6, 2013 - Calgary, Alberta - Aqua-Pure Ventures Inc. ("Aqua-Pure" or the "Corporation") announces that it has completed its previously announced private placement and has raised US $2.15 million from arm's length parties. Axiom Capital Management Inc. of New York, New York and Boenning and Scattergood, Inc. of Philadelphia, Pennsylvania acted as agents for the offering.
The financing consisted of US $2.15 million in secured convertible debentures (the "Debentures") with a term of three years, exercisable into common shares of the Corporation at a price of US $0.30 per common share and paying an 8% coupon quarterly in arrears. For each $1.00 principal amount of Debentures subscribed for, a subscriber also received 1.33 warrants (the "Warrants"). A total of
2,866,662 Warrants were issued. Each Warrant entitles the holder to acquire a common share at an exercise price of US $0.40 until March 4, 2016. The Debentures and Warrants contain an anti-dilution provision that reduces the conversion or exercise price, as applicable, to such lower price of any common shares or securities convertible into common shares issued subsequently by the Corporation, subject to a floor price of $0.16 per share.
The Corporation paid the agents a cash fee of US $172,000 and issued 430,000 broker warrants. The broker warrants have an exercise price of US$0.40 and will expire on March 4, 2016. The securities issued under the offering (including the Debentures, Warrants and broker warrants) are all subject to a hold period under applicable Canadian securities laws of four months, which will expire on July 6, 2013.
Aqua-Pure intends to use the proceeds of this financing for general working capital purposes.
About Aqua-Pure Ventures Inc.
Aqua-Pure (www.aqua-pure.com) is the premier recycler of industrial wastewater in North America. The Calgary-based oilfield engineering and services firm has developed and commercialized cutting-edge technology that transforms wastewater from a liability to an asset. Aqua-Pure's municipal and oil and gas wastewater services and technology solutions ensure environmental sustainability through the utilization of patented and proprietary technologies. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "AQE."
For more information, please contact: email@example.com
Jacob T. Halldorson Karim Teja
Chief Executive Officer Chief Financial Officer
Tel: (403) 301 4123 ext 27 Tel: (403) 301 4123 ext 26
This press release contains forward-looking information, including the intended use of the proceeds of the proposed financing. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.
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.
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