Not for distribution in the United States or through United States Wire
EDMONTON, Feb. 23, 2012 /CNW/ - Seair Inc. ("Seair" or the "Company") (SDS:TSX Venture Exchange) is pleased to announce that it has completed the second tranche
closing of a non-brokered private placement described in its press
release dated January 12, 2012. A total of 191,589 units (each a "Unit") were issued at $1.07 per Unit at this closing. Each Unit consists of one common share and
one common share purchase warrant exercisable at $1.34 until January 1, 2014. The completion of the private placement is
subject to final approval from the TSX Venture Exchange.
The Company also announces that it has agreed to enter into a shares for
debt transaction with the private placement subscriber in connection
with cash advances made by the subscriber to the Company prior to
commencement of the non-brokered private placement. The advances total
$375,000, to be settled via the issuance of Units, at a deemed price of
$1.07 per Unit. Total subscriptions to date by the subscriber,
including the shares for debt transaction, will be $655,000.
Seair develops proprietary equipment that diffuses gases, such as
oxygen, ozone and carbon dioxide, into liquids. Seair's patented
technologies can produce extremely small bubbles which are more
efficient than other diffusion technologies. The result is a stable
condition, where gases remain in solution for extended periods of time,
leading to increased productivity and lower operating costs. This, in
turn, facilitates gas-based treatment of complex and challenging
wastewater and allows Seair to provide full water reuse and closed loop
Seair applications include frac and produced water treatment, efficient
aeration of industrial ponds, mine dewatering, end-to-end sewage
treatment for permanent residential communities and remote work camps,
golf course irrigation and pond treatment, and oil sands/SAGD water
Parties interested in obtaining further information or receiving news
releases and corporate documents from Seair may email such requests to email@example.com or visit the Seair website at www.seair.ca.
Statements in this press release may contain forward-looking information
including, but not limited to, statements regarding expected use of
proceeds from the Private Placement. Any statements that are contained
in this press release that are not statements of historical fact may be
deemed to be forward-looking statements. The reader is cautioned that
assumptions used in the preparation of any forward-looking information
may prove to be incorrect.
Events or circumstances may cause actual results to differ materially
from those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control
of Seair. The reader is cautioned not to place undue reliance on any
The forward-looking statements contained in this press release are made
as of the date of this press release, and Seair does not undertake any
obligation to update publicly or to revise any of the included forward
looking statements, whether as a result of new information, future
events or otherwise, except as required by securities law.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there by any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
NEITHER THE 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.
SOURCE SEAIR Inc.
For further information:
T: 780 477 7188
F: 780 477 6622