OTTAWA, Oct. 4, 2017 /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 up to $154,000 of certain existing debt for up to 550,000 common shares of the Company.
The conversion price of the shares is $0.24 and the Company expects to close on or about October 15, 2017.
All 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.
"This proposed shares-for-debt exchange is one of a number of steps that we have taken and will continue to take to improve our balance sheet and debt position. We thank these participants and those in the past for their ongoing support of BluMetric," said Roger Woeller, CEO of BluMetric.
About BluMetric Environmental Inc.
BluMetric Environmental Inc. is a publicly traded cleantech company with a portfolio of industry-leading products, processes, and services in the environment sciences and engineering sectors. We take pride in our strong record of providing sustainable solutions to the world's environmental challenges.
Headquartered in Ottawa, Ontario, BluMetric's award-winning team of industry experts serves clients in Canada, the United States, and Central America.
For more information, visit www.blumetric.ca, or please contact:
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: Roger Woeller, CEO, BluMetric Environmental Inc., Tel: 613.839.3053 x 242, Email: email@example.com; Robin M. Sundstrom, IRonside Investor Relations, Tel: 647.822.8111, Email: firstname.lastname@example.org