OTTAWA, Sept. 28, 2015 /CNW/ - BluMetric Environmental Inc. (TSX-V: BLM), a leading Canadian cleantech company, announced today that the Company has completed the conversion of $892,025 of certain existing debt for 2,688,484 common shares of the Company, a transaction that was previously announced on September 8, 2015.
"With the strong and ongoing support of our employees and stakeholders, we were able to complete this transaction. It demonstrates our collective conviction that BluMetric has a solid base for significant growth," said Roger Woeller, CEO of BluMetric Environmental Inc. "The Company's balance sheet will show substantial improvement with the reduction of residual debt connected with our previous companies."
The conversion price was $0.29 per share. All of the securities issuable in connection with the transaction are subject to a hold period ending January 26, 2016.
Certain insiders of the Company participated in the debt-to-equity conversion. Each insider, namely: Roger Woeller, directly and through his holding company; Nell van Walsum, directly and through her holding company; Jordan Grant, directly and through an affiliated company; Murray Malley; Ron Clifton; and Jane Pagel (the "Insiders"), is considered a related party within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Board of Directors determined that an exemption is available from the formal valuation and minority shareholder approval requirements under MI 61-101. The Insiders participated in the transaction on the same terms and conditions as the other participants and also subject to the TSX Venture Exchange requirements. The expectation of insider participation was previously announced in the Company's September 8, 2015 news release.
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. We caution our readers of this press release not to place undue reliance on our forward looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's continuous disclosure documents that can be found on SEDAR www.sedar.com. 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]