MONTREAL, May 20 /CNW Telbec/ - Sofame Technologies Inc. (TSX-V: SDW), a
leading manufacturer of environmentally efficient industrial hot water systems
and cost efficient heat recovery equipment for traditional boilers, is pleased
to announce that it has issued an aggregate of 11,935,185 common shares to 28
investors following the exercise by them of warrants issued in May 2007.
Sofame received an aggregate of $1,600,000 from the exercise of the warrants,
which had exercise prices ranging from $0.10 to $0.15.
In addition, Sofame paid a cash commission equal to 10% of the proceeds
raised from the exercise of the warrants to Notre-Dame Capital Inc., the
corporation's financial advisor, which was instrumental in coordinating the
warrant exercises. Sofame will use the net proceeds from the exercise of the
warrants to continue its marketing activities, hire sales and engineering
staff, and for working capital and general corporate purposes.
In connection with the exercise of the warrants, Sofame has issued an
aggregate of 8,000,000 additional common share purchase warrants to 21
eligible investors who exercised their warrants by the Friday, May 15, 2009
deadline. As previously-announced (see press release of April 7, 2009), each
warrant entitles the holder thereof to acquire one additional common share of
Sofame at an exercise price of $0.20 for a period of five years ending on May
15, 2014. As required by applicable securities law and the policies of the TSX
Venture Exchange, the additional warrants are subject to a four-month hold
period expiring on September 16, 2009.
Sofame's Board of Directors has also granted options in respect of a
total of 250,000 common shares to Mr. Michel Brisson, President and Chief
Executive Officer of the corporation, at an exercise price of $0.17 per share,
representing the closing price of Sofame's shares on the TSX Venture Exchange
on May 19, 2009. The foregoing options were granted pursuant to Sofame's stock
There are currently 99,894,216 common shares of Sofame issued and
About Sofame Technologies Inc.
Sofame Technologies Inc. custom engineers and manufactures unique,
high-efficiency direct-contact industrial hot water systems. Sofame's products
extract up to 99 percent of heat from flue gases depending on the application,
and also from wastewater, and return the energy in the form of
high-temperature hot water or pre-heated make-up air. Sofame's products help
hospitals, food processing plants, universities, central heating plants,
utilities and many more large energy consumers to significantly reduce fuel
costs and greenhouse gas emissions. Using world-leading, patented green
technology, Sofame serves industrial, institutional and commercial markets
through a network of dedicated engineering representatives. For more
information, visit www.sofame.com.
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.
For further information:
For further information: Available for interviews: Michel Brisson,
President and Chief Executive Officer, Sofame Technologies Inc., (514)
523-6545 x-210; Sofame Investors and Media Contacts: Stone Communication
Services Limited: Brian Edelstein, (416) 867-2536, email@example.com