OTTAWA, Sept. 8, 2015 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM), a leading Canadian cleantech company, announced today that, subject to approval by the TSX Venture Exchange, the Company will undertake a plan to exchange approximately $890,000 of certain existing debt for up to 2,690,531 common shares of the company.
The conversion price of the shares is $0.29 and the Company expects to close on or about September 25, 2015. Certain company insiders are expected to participate in the transaction.
Completion of the shares-for-debt exchange is subject to the approval of the TSX Venture Exchange. All of the securities issuable in connection with the transaction will be subject to a hold period ending four months and one day after the closing date.
"With the completion of this conversion, there will be an immediate improvement to our balance sheet in the reduction of residual debt related to items such as shareholder loans, employee bonuses, and director fees from our previous companies," said Roger Woeller, CEO of BluMetric Environmental Inc. "It removes a significant legacy issue and demonstrates the confidence and on-going support of our employees and stakeholders – for which BluMetric is grateful."
BluMetric Environmental Inc. is a diverse water, earth, and energy company providing solution-oriented consultation, design, products, and construction services to clients with complex environmental issues in more than 60 countries. With our award-winning team of industry experts and technology, BluMetric provides the most effective and sustainable solutions to environmental challenges. BluMetric is a publicly traded Canadian company (TSX-V: BLM), headquartered in Ottawa, Ontario. For more information, visit www.BluMetric.ca.
Some of the statements in this press release, including those relating to the Company's debt-to-equity conversion, financial position, strategies, and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
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.
SOURCE BluMetric Environmental Inc.
For further information: Ray Skaff, Director of Corporate Communications, BluMetric Environmental Inc., Tel: 613.295.6965, Email: [email protected]; Robin M. Sundstrom, IRonside Investor Relations, Tel: 647.822.8111, Email: [email protected]