OTTAWA, Aug. 13, 2015 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSX-V: CLI), today announced that it has closed the private placement of a $3.6 million debenture convertible to common shares at $0.55 per share with interest at 5%, secured by 90% of outstanding shares of UV Pure Technologies Inc.. The placement was announced on July 29, 2015.
The transaction which is subject to final approval of the TSX-V was increased from $3.5 million to $3.6 million subsequent to the Company's previous announcement. The debentures will be convertible into common shares of the Company at an exchange price of $0.55 per share in minimum denominations of $100,000. In accordance with the TSX-V rules and regulations there will be a trading restriction on the debenture and the associated treasury shares for four months from the date of closing. The private placement is taken up by European and Canadian investors.
These transactions were not brokered and no placement fee is payable.
Prior to the issuance of this convertible debenture, the Company had 81,109,057 issued and outstanding common shares and 104,456,243 on a fully diluted basis. Subsequent to the issue of convertible debenture the Company has 81,109,057 issued and outstanding shares and 111,001,697 on a fully diluted basis.
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.
About Clearford Water Systems Inc.
Clearford Water Systems Inc. (TSX-V: CLI) is a provider of unified water management and sanitation systems based on Clearford One™. Clearford One™ is a proprietary system comprised of ClearDigest™ smart digester, ClearConvey™ small bore sewer, and ClearRecover™ final treatment facility. For more information on Clearford Water Systems, please visit www.clearford.com .
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, Clearford will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of Clearford's system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution.
SOURCE Clearford Water Systems Inc.
For further information: Kevin Loiselle, President & CEO, Clearford Water Systems Inc., Phone: (613) 599-6474 ext. 303 , www.clearford.com