Opsens announces private placement
The net proceeds of this Offering will be used for potential acquisitions, marketing expenses and working capital purposes. Opsens targets the oil and gas and the medical devices markets because of the growing demand for precise pressure measurement.
Opsens will pay to M Partners Inc. a cash commission equal to 7% of the gross proceeds. Opsens will also issue non transferable warrants to M Partners Inc. (the "Broker Warrants") at the closing. The Broker Warrants entitle M Partners Inc. to acquire a number of common shares equal to 7% of the number of shares issued under the private placement at CDN
In October of 2009, Opsens announced receipt of a commercial size order to instrument 26 wells with its OPP-W fiber optic pressure/temperature sensor from a major oil and gas producer in Alberta. This producer had, beforehand, tested for 18 months, on a smaller scale, Opsens' patented technology for the measure of pressure/temperature in its Steam Assisted Gravity Drainage ("SAGD") producing wells in Alberta. Success of this evaluation generated interest from other oil and gas producers in Alberta and the Company anticipates larger scale commercialization shortly.
About Opsens (www.opsens.com)
Opsens is a leading developer, manufacturer and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patented and patent pending technologies. Opsens' sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain and displacement to original equipment manufacturers (OEM) and end-users in the oil and gas, medical, high-power transformers, and laboratory fields. Opsens provides complete technical support, including installation, training, after-sales service, for its fiber optics systems that are regulated by the ISO 9001-2008 norm.
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.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.For further information: Pierre Carrier, President and CEO, (418) 682-9996; Louis Laflamme, CA, CFO, (418) 682-9996