Ticker: TSX - TOS
Shares Outstanding: 57,891,957
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
QUÉBEC CITY, March 2 /CNW Telbec/ - TSO3 Inc. ("TSO3") (TSX: TOS), an innovator in sterilization technology for medical devices in healthcare settings using ozone, announces today that it has successfully completed its previously announced public offering of 10,000,000 common shares (the "Common Shares"). The offering was completed on a bought deal basis through a syndicate of underwriters led by Canaccord Adams and including Versant Partners, at a price of Cdn$1.60 per Common Share (the "Issue Price"). The offering also includes the sale of 150,000 Common Shares by Simon Robitaille, one of the Company's founders and its Chief Scientific Officer, for gross proceeds of $240,000.
The Common Shares were offered through a short-form prospectus filed in all provinces of Canada and in the United States by way of private placement pursuant to available exemptions to the registration requirement. The Common Shares being issued in the offering have been approved for listing on the Toronto Stock Exchange. Following the issuance of the shares, there are 57,891,957 Common Shares of TSO3 issued and outstanding.
The proceeds from the Offering will be used to support the global commercialization efforts for the STERIZONE(R) 125L+ Sterilizer through its global channel partner, 3M. Additionally, the Company will use a portion of the net proceeds to fund new product initiatives and for working capital purposes.
"We are pleased with this financing round, which will allow us to build on our 2009 achievements and transition the commercialization of our enhanced sterilization systems to 3M(TM)", said R.M. (Ric) Rumble, CEO of TSO3 Inc. "We are also planning additional product developments to address other market segments where there is a need for a low temperature sterilization method offering the unique combination of benefits our technology provides".
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
TSO3, founded in Québec City in 1998, specializes in the research and development of innovative, high-performance medical instrument sterilization technology with high commercial potential. TSO3 designs products for sterile processing areas in the hospital environment and offers an advantageous replacement solutions to other low temperature sterilization processes currently used in hospitals.
For more information about TSO3, visit the Company's Web site at www.tso3.com
The statements in this release and oral statements made by representatives of TSO3 relating to matters that are not historical facts (including, without limitation, those regarding the timing or outcome of any financing undertaken by TSO3) are forward-looking statements that involve certain risks, uncertainties and hypotheses, including, but not limited to, general business and economic conditions, the condition of the financial markets, the ability of TSO3 to obtain financing on favourable terms and other risks and uncertainties.
The TSX has neither approved nor disapproved the information contained herein and accepts no responsibility for it.
SOURCE TSO3 Inc.
For further information: For further information: Marc Boisjoli, CFO, (418) 651-0003, Ext. 228, firstname.lastname@example.org; Caroline Côté, Director, Corporate Communications and Investor Relations, (418) 651-0003, Ext. 237, email@example.com; Source: TSO3 Inc.