QUEBEC CITY, Feb. 12 /CNW Telbec/ - Opsens Inc. (TSX VENTURE EXCHANGE: OPS) ("Opsens" or the "Company") announces today, the closing of a private placement (the "Private Placement") of 4,287,500 units (the "Units"), at a price of CAD $0.85 per Unit, for an aggregate gross proceeds of CAD $3,644,375. Each Unit is comprised of one common share of Opsens and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles its holder thereof to purchase one common share of the Company at a price of CAD $1.15 per common share for a period of 24 months following the closing date of the Private Placement.
At the closing of the Private Placement, Opsens paid a cash commission of CAD $254,404 to M Partners Inc. (the "Agent") and to Industrial Alliance Securities Inc. (the "Sub-Agent"). Opsens also issued to the Agent and the Sub-Agent, 299,299 non transferable warrants (the "Broker Warrants"). Each Broker Warrant entitles the holder thereof to acquire one common share of Opsens at $0.85 for a period of 24 months from the closing of the Private Placement. The securities issued pursuant to the Private Placement will be subject to a 4-month and a day restricted period expiring on June 13, 2010.
The net proceeds of the Private Placement totalling approximately CAD $3,3 million will be used for working capital purposes, potential acquisitions as well as marketing expenses, particularly for the commercialization on a larger scale of the Opsens' patented OPP-W fiber optic pressure/temperature sensor. The receipt of a commercial size order from an oil and gas producer in Alberta that had been testing Opsens' patented technology for 18 months, has generated interest from major oil and gas producers in Alberta looking for a mean to control pressure to optimize the quantity of steam to inject to reduce operation costs
About Opsens (www.opsens.com)
Opsens is a leading developer, manufacturer and supplier of a wide range of fiber optic sensors and associated signal conditioners based on proprietary patented and patent pending technologies. Opsens' sensors provide long-term accuracy and reliability in the harshest environments. Opsens provides sensors to measure pressure, temperature, strain and displacement to original equipment manufacturers (OEM) and end-users in the oil and gas, medical, high-power transformers, and laboratory fields. Opsens provides complete technical support, including installation, training, after-sales service, for its fiber optics systems that are regulated by the ISO 9001-2008 norm.
Opsens Inc was recognized as a TSX Venture 50(R) company in 2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
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.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Opsens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
SOURCE Opsens Inc.
For further information: For further information: Pierre Carrier, President and Chief Executive Officer, (418) 682-9996; Louis Laflamme, CA, Chief Financial Officer, (418) 682-9996