Calgary, Alberta / ACCESSWIRE / November 27, 2015 / Seair Inc. (TSXV: SDS) ("Seair" or the "Company") is pleased to announce that it has signed a term sheet with a lead investor in connection with a private placement for aggregate gross proceeds of up to a maximum of $2.0 million (the "Financing"). Under the terms of the Financing, Seair will issue up to an aggregate of 16,000,000 units (the "Units") at a purchase price of $0.125 per Unit. Each Unit to be comprised of one common share in the capital of Seair (a "Common Share") and one half of one Common Share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant shall be exercisable into one Common Share at a price of $0.18 per share for a period expiring 24 months from the date of issue. Subject to certain conditions, the lead investor has committed to subscribe for $500,000 (4,000,000 Common Shares) under the Financing.
It is expected that the proceeds of the Financing will be used for working capital and general corporate purposes. Closing of the Financing is expected to occur in mid-December 2015. The Company will issue a further press release announcing when closing has taken place. The Common Shares issued under the Financing will be subject to a hold period expiring four months and a day following the closing date. Subject to compliance with TSX Venture Exchange policies and applicable laws, the Company may pay a finder's fee in connection with the Financing. The Financing is subject to receipt of all requisite approvals, including, without limitation, the approval of the TSX Venture Exchange.
"Although it's been a difficult year for our customers in the oil and gas industry, especially in Alberta where most of our prospective customers have been to date, we believe we have proven the value of Seair's technology in all of the field trials we've seen and are working to bring these to purchase orders as quickly as possible." said Jeff Seibert, CEO of Seair.
Mr. Seibert added, "We are seeing strong interest from across the globe, including China, the Middle East and the US. The global expansion of our business is putting a greater strain on our capital resources with the escalation of client interest driving the need for expanded technical resources and field trials. While we remain bullish on the high value solutions we offer to the oil patch, it is also prudent to exert parallel efforts into the penetration of markets other than Oil & Gas such as mining and industrial waste water, all of which require more working capital. This equity raise will support our working capital requirements along with our activity in those regions." He added "We are also seeing support from our convertible debenture holders and the have indicated to us that they will support extending the maturity to June 2017. We expect to announce a successful rollover before the end of the year as a result".
The Company also announces that it plans to amend the terms of its existing debentures, including, without limitation, to extend the expiry date of the debentures from December 31, 2015 to June 30, 2017. The amendments to the debentures are subject to receipt of all requisite approvals, including, without limitation, the approval of the TSX Venture Exchange and the affirmative votes of debenture holders at meetings which will take place on December 21, 2015. Details on the debenture amendments are available under the Company's profile on the SEDAR website at www.sedar.com.
About Seair Inc.
Seair Inc. 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 firstname.lastname@example.org or visit the Seair website at www.seairinc.com.
Statement Regarding Forward-Looking Information
This news release of Seair contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Seair's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding Seair's expectations regarding the regulatory approval of the Financing and the debenture amendments, closing of the Financing, the use of proceeds from the Financing and the amendments to the debentures. 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.
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 release.
Jim Laird, CFO