/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
Completes Full Exercise of Increased Underwriters' Option
CALGARY, Jan. 9, 2012 /CNW/ - Ridgeline Energy Services Inc. (TSX-V:
RLE; OTCQX: RGDEF) ("Ridgeline" or the "Company"), an energy services
technology and consulting company focused on waste management in the
oil and gas industry, announces the second closing of the bought-deal
private placement offering (the "Offering") previously announced in a press release dated December 30, 2011.
Pursuant to the terms of the underwriting agreement entered into between
the Company and a syndicate of underwriters led by Mackie Research
Capital Corporation and including National Bank Financial Inc.
(collectively, the "Underwriters"), the Underwriters have elected to fully exercise the remaining
$763,800 of the total underwriters' option of $2,500,020.
In total 12,500,100 common shares (the "Common Shares") were sold at $0.60 per Common Share, for gross proceeds of
The definitive closing follows a TSX Venture Exchange ("Exchange") bulletin dated January 5, 2012 announcing Exchange acceptance of
Ridgeline's acquisition of Danzik Hydrological Sciences, LLC and
certain Intellectual Property related to the Company's water treatment
technology. For further information on this acquisition please see the
Company's news releases dated April 20, May 31, and December 30, 2011,
and January 5, 2012, all as filed on SEDAR or on the Company's website.
Under applicable Canadian securities laws, the Common Shares are subject
to a four-month and one day hold period from the date of issuance. The
Company has received conditional approval from the TSX Venture Exchange
for the listing of the Common Shares sold and issued pursuant to the
Offering, subject to satisfying certain listing conditions of the TSX
The proceeds of the Offering will be used by the Company for
commercialization, development and working capital.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction. The securities have not been and
will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any state securities laws
and may not be offered or sold within the United States or to, or for
the account or benefit of, "U.S. persons," as such term is defined in
Regulation S under the U.S. Securities Act, unless an exemption from
such registration is available.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is an energy services technology and consulting company focused on
waste management in the oil and gas industry. Through its subsidiary Ridgeline Water Inc., the Company is applying proprietary technology to treat the large
volumes of contaminated water generated by oil and gas production. The
Company is working with energy majors in the application of its
technology for the recycle and reuse of; produced and hydraulic
fracturing water; enhanced recovery chemical flood water; and oil sands
process water. As well the Company is utilising its technology in the
testing and treatment of commercial and industrial waste water. Through
its environmental consulting and remediation subsidiaries, Ridgeline Environment Inc. and Ridgeline GreenFill Inc., the Company has built a reputation as an established provider of
environmental services to North America's oil and gas industry. The
Company trades on the TSX Venture Exchange under the symbol "RLE" and
the OTCQX as "RGDEF". Additional information is available on the
Company's website at: www.ridgelinecanada.com.
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 news
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)