Hyduke Closes Previously Announced Private Placement

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Feb. 17, 2017 /CNW/ - Hyduke Energy Services Inc. ("Hyduke" or the "Company") (TSX: HYD) announced today that it has closed its previously announced brokered private placement of 37,647,057 common shares at a price of $0.34 per common share, raising net proceeds of $11,983,459.42 (after deducting agency fees and expenses) (the "Private Placement").

The Private Placement was conducted by Hyduke pursuant to an agreement entered into with Lightyear Capital Inc. and PI Financial Corp., to offer the common shares on a commercially reasonable best efforts private placement basis.

The common shares issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the date of completion of the Private Placement, in accordance with applicable securities legislation.

This press release does not constitute an offer to sell or a solicitation of any offer to buy the common shares in the United States. The common shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.

The TSX has neither reviewed nor approved this release.

SOURCE Hyduke Energy Services Inc.

For further information: Patrick F. Ross, President and CEO, Tel 403 528 1095, Email pfross@me.com

RELATED LINKS
http://www.hyduke.com

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