CALGARY, March 15, 2013 /CNW/ - Ridgeline Energy Services Inc.
("Ridgeline" or the "Company") (TSXV: RLE) (OTCQX: RGDEF) (FSE: RL7) is
a water treatment and energy technology company, today announces the
final closing of a private placement previously announced on March 7, 2013.
The Company's private placement consisted of an offering of 6,000,000
(the "Units") for aggregate gross proceeds of $2,820,000 (the
"Offering"). Each Unit is comprised of one common share in the capital
of the Company (a "Common Share") and one full Common Share purchase
warrant (a "Warrant"). Each Warrant is exercisable to acquire one
Common Share at a price of $0.59 for a period of five years from date
Effective March 14th, 2013 the Company has completed its final closing of the Offering
through the issuance and sale of Units for gross proceeds of
$1,316,265. The Warrants issued under the final closing expire on March
The Offering is non-brokered but the Company has offered cash
commissions to sellers of up to 7% on the gross proceeds of
subscriptions obtained by a seller. The Company will not be issuing any
securities to sellers as compensation. Under the final closing of the Offering the Company paid a total of $ $48,177.51 in cash
The Common Shares, Warrants and the Common Shares issuable upon the
exercise of the Warrants are subject to a four month plus one day
resale restriction pursuant to National Instrument 45-102 Resale of Securities. The securities issued under the Offering must not be traded before July
15th, 2013 unless otherwise permitted under securities legislation.
The Company intends to use the net proceeds from the private placement
for working capital.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a water treatment and energy
technology company. The Company is applying proprietary technology to
treat water generated from industrial and commercial waste water
markets. These markets include a wide variety of clients across a broad
spectrum of industries including oil and gas. Through its environmental
consulting and remediation divisions, Ridgeline Environment has built a
reputation as an established provider of environmental services to the
Western Canadian oil and gas industry. Ridgeline GreenFill provides
soil remediation and wet waste disposal services to the oil and gas
industry. The Company trades on the TSX Venture Exchange under the
symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange as
ON BEHALF OF THE BOARD OF DIRECTORS
"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.
This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties
and other factors that could influence actual results or events and
cause actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers are
cautioned not to place undue reliance on forward-looking information,
as no assurances can be given as to future results, levels of activity
SOURCE: Ridgeline Energy Services Inc.
For further information:
Ryan Johnson of Ridgeline Energy Services Inc.
(604) 566-8066 ext. 3 (Vancouver)
David Waldman at Crescendo Communications
(212) 671-1021 (New York)