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All amounts in Canadian dollars unless otherwise stated.
QUEBEC CITY, June 24, 2010 /CNW Telbec/ - H2O Innovation Inc. ("H2O Innovation" or the "Company")(TSX VENTURE:HEO) (ALTERNEXT:MNEMO:ALHEO)
announces that it has entered into a letter of intent with Le Fonds
d'investissement RÉA II Natcan Inc. ("Fonds RÉA II") whereby Fonds
RÉA II has indicated its interest to acquire from the Company, by way
of a non-brokered private placement, a number of 1,882,353 common
shares in the share capital of the Company (the "Common Shares") at a
price of $0.425 per share for aggregate gross proceeds of $800,000
(the "Fonds RÉA II Offering").
The Company also announces that it intends, concurrently with the
completion of the Fonds RÉA II Offering, to complete a non-brokered
private placement with a group of private investors (the "Private
Investors Offering" and, collectively with the Fonds RÉA II Offering,
the "Private Offerings"), in which Mr. Richard A. Hoel, director of H2O Innovation and holder of more than 10% of the Common Shares, and Mr.
James L. Peterson, Chief Operating Officer of H2O Innovation, would participate. As part of the Private Investors
Offering, the Company contemplates the issuance of 3,073,531 Common
Shares at a price of $0.425 per share for aggregate gross proceeds of
The Company will use the proceeds of the Private Offerings for its
working capital and general corporate purposes.
Closing of the Private Offerings is subject to customary closing
conditions including the approval of TSX Venture Exchange Inc. The
closing of the Private Offerings is expected to take place on or around
June 30, 2010.
Certain statements set forth in this press release regarding the
operations and the activities of H2O Innovation as well as other communications by the Company to the
public that describe more generally management objectives, projections,
estimates, expectations or forecasts may constitute forward-looking
statements within the meaning of securities legislation.
Forward-looking statements concern analysis and other information based
on forecast future results and the estimate of amounts that cannot yet
be yet determined. Forward-looking statements include the use of the
words "expect", "believe", "estimate" and other similar terms as well
as those usually used in the future and the conditional, notably
regarding certain assumptions as to the success of a venture. Those
forward-looking statements involve a number of risks and uncertainties
which may result in actual and future results of the Company to be
materially different than those indicated. Information about the risk
factors to which the Company is exposed is provided in the Annual
Information Form dated September 28, 2009 available on SEDAR (www.sedar.com). Unless required to do so pursuant to applicable securities
legislation, H2O Innovation assumes no obligation to update or revise forward-looking
statements contained in this press release or in other communications
as a result of new information, future events and other changes.
About H2O Innovation
With 10 years of experience developing water treatment solutions, H2O Innovation is establishing itself as a key player in sustainable
development and clean technologies in North America and abroad. H2O Innovation designs, develops, produces, and integrates
state-of-the-art custom-built water treatment systems for the
production of drinking water, the reclamation of water, the treatment
of wastewater and industrial process water in the municipal,
commercial, industrial, oil & gas, mining, and energy markets.
Additionally, the Company offers complete operating and maintenance
solutions for membrane filtration and reverse osmosis systems. H2O Innovation has approximately 90 employees and eight offices including
three manufacturing plants in Canada and the United States and is a
founding partner of H2O Innovation India, a joint venture with Chembond Chemicals Ltd. of
Mumbai, India. Shares of H2O Innovation are listed on the TSX Venture Exchange (HEO) as well as on
the NYSE Euronext Alternext Exchange (ALTERNEXT:MNEMO:ALHEO). For more
information about H2O Innovation, visit www.h2oinnovation.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor
the Alternext Exchange accepts responsibility for the adequacy or
accuracy of this release.
SOURCE H2O Innovation Inc.
For further information: For further information:
H2O Innovation Inc.