CALGARY, March 8, 2013 /CNW/ - Ridgeline Energy Services Inc.
("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) a
water treatment and energy technology company, today announces the
first closing of a private placement. The Company's private placement
consists of an offering of up to 4,000,000 (the "Units") for aggregate
gross proceeds of $1,880,000 (the "Offering"). Each Unit is comprised
of one common share in the capital of the Company (a "Common Share")
and one full Common Share purchase warrant (a "Warrant"). Each Warrant
is exercisable to acquire one Common Share at a price of $0.59 for a
period of five years from date of issuance.
Subject to regulatory approval, the Company intends to increase the
Offering from 4,000,000 Units to 6,000,000 Units for aggregate gross
proceeds of $3,480,000. The additional 2,000,000 Units are expected to
be issued at the same price and on the same terms as set out above.
Effective March 7, 2013 the Company has completed its first closing of
the Offering through the issuance and sale of 3,199,436 Units for gross
proceeds of $1,503,735. The Warrants issued under the first closing
expiry on March 7, 2018.
The Offering is non-brokered but the Company has offered cash
commissions to sellers of up to 7% on the gross proceeds of
subscriptions obtained by a seller. The Company will not be issuing any
securities to sellers as compensation. Under the first closing of the
Offering the Company paid a total of $ $39,748.96 in cash commissions.
The Common Shares, Warrants and the Common Shares issuable upon the
exercise of the Warrants are subject to a four month plus one day
resale restriction pursuant to National Instrument 45-102 Resale of Securities. The securities issued under the Offering must not be traded before July
8, 2013 unless otherwise permitted under securities legislation.
The Company intends to use the net proceeds from the private placement
for working capital.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a water treatment and energy
technology company. The Company is applying proprietary technology to
treat water generated from industrial and commercial waste water
markets. These markets include a wide variety of clients across a broad
spectrum of industries including oil and gas. Through its environmental
consulting and remediation divisions, Ridgeline Environment has built a
reputation as an established provider of environmental services to the
Western Canadian oil and gas industry. Ridgeline GreenFill provides
soil remediation and wet waste disposal services to the oil and gas
industry. The Company trades on the TSX Venture Exchange under the
symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as
ON BEHALF OF THE BOARD OF DIRECTORS
"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.
This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties
and other factors that could influence actual results or events and
cause actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers are
cautioned not to place undue reliance on forward-looking information,
as no assurances can be given as to future results, levels of activity
SOURCE: Ridgeline Energy Services Inc.
For further information:
Ryan Johnson of Ridgeline Energy Services Inc.
(604) 566-8066 ext. 3 (Vancouver)
David Waldman at Crescendo Communications
(212) 671-1021 (New York)