OTTAWA, Jan. 21 /CNW Telbec/ - Thermal Energy International Inc.
(TSX - V:TMG) (www.thermalenergy.com) today announced it has closed a
non-brokered private placement with gross proceeds of $1,017,500.
The private placement was reserved with the TSX Venture Exchange on
November 19, 2007. The financing consists of an issuance of 1,517,500 units,
with each unit comprising one common share and one non-transferable share
purchase warrant entitling the holder to acquire one additional common share
at an issuance price of $0.50 per warrant any time within two years of
issuance, and 1,875,000 units, with each unit comprising one "flow-through"
common share. A total of 3,392,500 units were sold at a deemed price of
$0.30 per share.
A total of six insiders, all members of Thermal Energy's Board of
Directors, participated in the private placement subscribing to 579,167 units
which resulted in proceeds of $173,750. The remaining $843,750 in gross
proceeds was received from outside investors comprising largely of new
investors in Thermal Energy.
"We are very encouraged by being able to raise a significant amount of
capital at above market rates, especially in the face of such challenging
times in the financial markets," said Thermal Energy President and CEO Tim
Angus. "We see this as a strong sign of confidence in our ability to execute
on our business plan and Thermal Energy's prospects for the balance of this
fiscal year and beyond."
The proceeds of the private placement will be used to support ongoing
sales and marketing, research and development and other operational
requirements, in North America and China. This includes Thermal Energy's
portion of investment in assets such as FLU-ACE(R) and DRY-REX(TM) for current
and anticipated green energy services contracts under the THERMAL-AUD(TM)
Alternate Utility Delivery Program offered through the Company's subsidiary
ForEverGreen Energy Services Inc. as per news releases dated August 27, 2007
and September 18, 2007.
NOTE: This press release may contain forward-looking statements relating
to, and among other things, based on management's expectations, estimates and
projections. Such statements including those about the Company's strategy for
growth, product development, market position, expected expenditures and
financial results are forward looking statements. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors could cause results to differ materially from
those stated. The Company disclaims any obligation to publicly update or
revise any such statements.
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, owner, operator 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(TM), Dry-Rex(TM),
THERMALONOx(TM) and THERMALOZOMAx(TM), THERMAL AUD(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,