OTTAWA, Sept. 15, 2011 /CNW/ - Seprotech Systems Incorporated (TSX-V: SET; "Seprotech" or the "Company") announces a non-brokered
private placement offering (the "Offering") of common shares at $0.05
per share to accredited investors to raise gross proceeds of a minimum
of $400,000 and up to $600,000.
It is anticipated that companies controlled by an Insider of the
Company, Seprotech's CEO & Chairman Jordan Grant, will participate in
the Offering for up to a maximum of 25% of the Offering. Mr. Grant's
companies will participate in the Offering on the same terms and
conditions as the other subscribers.
The common shares issued pursuant to the Offering will be subject to a
four month hold period from the closing date of the Offering. The
private placement is subject to the acceptance of the TSX Venture
Proceeds from the private placement will be utilized as working capital
to execute the various contracts announced since June 2011, as well as
funding overhead pending commencement of cash flow from such contracts,
and for repayment of normal course trade and bank debt.
Seprotech is a provider of pre-engineered water and wastewater treatment
solutions to the development, resource and military sectors, including
Reverse Osmosis water purification systems, ROTORDISK® biological
sewage treatment package plants and CrystalBlue™ membrane-based water
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.
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. Some of the statements in this press
release, including those relating to the Company's strategies and other
statements the private placement financing activities of the Company,
the use of proceeds of the private placement financing, that are
predictive in nature, that depend upon or refer to future events or
conditions, or that include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates" or similar expressions, are
forward-looking statements within the meaning of securities laws.
Forward-looking statements include, without limitation, the information
concerning possible or assumed future results of operations of the
Company. These statements are not historical facts but instead
represent only the Company's expectations, estimates and projections
regarding future events. The Company does not undertake any obligation
to update or release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this presentation
or to reflect the occurrence of unanticipated events, except as
required by law.
SOURCE Seprotech Systems Incorporated
For further information:
Mr. Ian W. Malone, CFO Tel: (613) 523-1641 Fax: (613) 731-08515