MONTREAL, May 7 /CNW Telbec/ - Cycle Capital Fund I, L.P. ("Cycle") announced today that it acquired 10,000,000 numbers of common shares of ProSep Inc. (Issuer or ProSep) at $0.13 per share for a total amount of $1,300,000 in the context of a private placement which closed today. Before this transaction, Cycle Capital Fund I, L.P. was the owner of 26,224,736 shares or approximately 16.06% of the issued and outstanding common shares of the issuer. With this present acquisition, Cycle Capital Fund I, L.P. now owns 36,224,736 shares, bringing its ownership to 18.89% of issued and outstanding common shares of the issuer.
Depending on the market conditions and other factors, Cycle Capital Fund I, L.P. may from time to time acquire additional securities of the Issuer or dispose of such securities on the open market by private agreement or otherwise. However, it remains the intention of Cycle to maintain its ownership percentage below 20% of the issued and outstanding common shares of the issuer. The common shares of the Issuer are listed on the Toronto Stock Exchange (TSX). This Press Release is being issued in conformity with the applicable securities rules and regulations.
SOURCE Cycle Capital Management
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