Seair Announces Approval by Debentureholders to Amendments to Trust Indentures and Financing Update
CALGARY, AB / ACCESSWIRE / Deecmber 22, 2015 / Seair Inc. (TSXV: SDS) ("Seair" or the "Company") is pleased to announce that at the extraordinary meetings of Debentureholders (as defined below) of Seair held on December 21, 2015, the previously announced amendments to the terms of Seair's existing debentures were passed by the requisite majorities.
The Company held two meetings on December 21, 2015. The first meeting was a meeting of the holders (the "BNY Debentureholders") of debentures issued under the trust indenture dated October 31, 2012 between the Company and BNY Trust Company of Canada (as supplemented by a first supplemental indenture dated October 31, 2013 and a second supplemented indenture dated May 14, 2014) with respect to 8% secured, subordinate, convertible, redeemable debentures (the "BNY Debentures"). The second meeting was a meeting of the holders (the "CST Debentureholders" and together with the BNY Debentureholders, the "Debentureholders") of debentures issued under the trust indenture dated May 22, 2014 between the Company and CST Trust Company representing the existing 8% secured, subordinate, convertible, redeemable debentures (the "CST Debentures").
The resolutions to amend the terms of the BNY Debentures were passed by the requisite 66 and 2/3 majority of the 71.04% of BNY Debentureholders who cast ballots at the meeting. Additional information concerning the amendments to the BNY Debentures is available in the Management Information Circular dated November 12, 2015 and filed under the Company's profile on the SEDAR website at www.sedar.com on November 16, 2015.
The resolutions to amend the terms of the CST Debentures were passed by the requisite 66 and 2/3 majority of the 39.64% of CST Debentureholders who cast ballots at the meeting. Additional information concerning the amendments to the CST Debentures is available in the Management Information Circular dated November 17, 2015 and filed under the Company's profile on the SEDAR website at www.sedar.com on November 25, 2015.
As previously announced, Seair is in the process of raising a round of financing for working capital which the company had previously anticipated would close in December. The Company believes that it is in the best interests of the shareholders to delay a closing until the New Year as several potential investors were not able to consider participation until that time. In the meantime, an insider of Seair has agreed to provide a short term secured loan of approximately $90,000 on commercially reasonable terms to provide cash resources for the company.
Seair Inc. (TSXV: SDS) is a Calgary based cleantech company. Seair has commercialized proprietary technology that can diffuse gases, such as oxygen, ozone and carbon dioxide, into liquids more effectively and with lower power consumption than the competition. Seair's patented technologies can produce micron size bubbles that are more efficient than other diffusion technologies because the diffused gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. Seair has been working with customers in the Oil and Gas industry for over five years.
Seair applications include oil sands SAGD water solutions, frac and produced water treatment, industrial ponds treatment, mine dewatering/treatment, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment and most recently, industrial emissions treatment. 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.seairinc.com.
Seair is proud to be recognized as one of the Top 5 Cleantech companies in the TMX 2012 Venture 50.
Neither the 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 news release.
SOURCE: Seair Inc.
(December 22, 2015 - 8:42 AM EST)
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