OTTAWA, Oct. 23, 2017 /CNW/ - BluMetric Environmental Inc. (TSXV: BLM), a leading Canadian cleantech company, announced today that the Company has completed the conversion of $122,793 of certain existing debt for 511,638 common shares of the Company, a transaction that was previously announced on October 4, 2017.
"Our thanks to all those who have participated in our ongoing focus on reducing debt and improving our balance sheet," said Roger Woeller, CEO of BluMetric Environmental Inc. "It improves our working capital position and enables us to grow more effectively."
The conversion price was $0.24 per share. All of the securities issuable in connection with the transaction are subject to a hold period ending February 25, 2018.
The debt-to equity conversion included participation by one insider on the same terms and conditions as the other participants. Ron Donaldson, through his holding company, 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.
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: firstname.lastname@example.org; Robin M. Sundstrom, IRonside Investor Relations, Tel: 647.822.8111, Email: email@example.com