OTTAWA, April 30 /CNW Telbec/ - Thermal Energy International Inc.
(TSX-V:TMG) (www.thermalenergy.com) announces it plans to enter into an
agreement with a syndicate of investment firms including Whitebox Advisors
LLC, an SEC-registered investment advisor with over $2 billion in assets,
headquartered in Minneapolis, and a Toronto investment firm, for an
institutional non-brokered private placement with gross proceeds of $1
Under the terms of the agreement, the Company proposes to issue 4,166,667
units comprising one common share of company stock at a price of $0.24 cents
and one warrant to purchase a common share of company stock at a deemed price
of $0.40 for a period of up to two years.
The Company has granted the syndicate an option to increase the size of
the placement by up to 30% at a 10% discount to market price for period of 60
days from the date of closing. The financing is expected to close on or before
May 11, 2007. In addition, the syndicate will be given the right to
participate in any additional financings the company contemplates for a period
of one year.
"Our ability to attract high quality institutional investment including
participation from both Canada and the United States, is a testament to
strategic direction and execution of Thermal Energy's business strategy," said
Thermal Energy President and CEO Tim Angus. "The capital raised from this
financing in addition to our recently closed private placements for $845,000
provides the strength needed for Thermal Energy to move forward over the next
12 months with a complete focus on the execution of our business strategy as
we described to shareholders at our recent annual meeting."
Proceeds of the financing will be used to meet operational demands for
the current revenue and project backlog and anticipated growth from the
conversion of contracts in the existing sales pipeline, and expand the
Company's sales and marketing resources and efforts to further grow the sales
pipeline. Part of the proceeds will also be used to fund the recently
announced development and testing of THERMALONOx(TM) in partnership with South
China University of Technology (SCUT) and leverage additional R&D investments
and partner participation.
About Thermal Energy
Thermal Energy International Inc. is an innovative technology company
providing custom energy and emission reduction, and bioenergy solutions.
Headquartered in Ottawa, Canada, TEI is a designer, design build developer,
fabricator, and supplier of proprietary and patented energy conservation,
renewable energy and environmental technology solutions. Thermal Energy is a
fully accredited professional engineering firm, and offers advanced process
and applications engineering services. The Company is a proud member of the
Chicago Climate Exchange (CCX). FLU-ACE(R), DRY-REX(TM), THERMALONOx(TM) and
THERMALOZOMAX(TM) are trademarks of Thermal Energy International. GEM(R) is a
trademark used under exclusive license from Gardner Energy Management Ltd.
For more information about Thermal Energy International Inc.
(TSX-V: TMG), visit our website at www.thermalenergy.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Stuart McCarthy, Thermal Energy International
Inc., Investor Relations and Communications, (613) 723-6776 x 220,