/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Feb. 23 /CNW/ - Pure Technologies Ltd. (the "Corporation"), TSX-V: PUR - the Corporation is pleased to announce that it has closed its previously announced short form prospectus offering (the "Offering") of 7,000,000 common shares at a price of $4.30 per common share for gross proceeds of $30,100,000 through a syndicate of agents led by Canaccord Financial Ltd. and including Boenning & Scattergood, Inc. (the "Agents"). The Corporation plans to use the net proceeds from the Offering for general working capital purposes, for the commercialization of new technologies, for the development of new opportunities, acquisition of capital assets and to pursue acquisitions of assets and entities complementary to the Corporation's business and operations.
The Agents exercised their over-allotment option and an additional 1,050,000 common shares were sold under the secondary offering at a price of $4.30 per common share for gross proceeds of $4,515,000 by Yellowbird Products Limited and Paulson Capital Corp., which corporations are controlled by James E. Paulson and Peter O. Paulson, the Chairman and the Chief Executive and Technology Officer of Pure, respectively.
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.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The common shares have not been registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person absent registration or an applicable exemption from the registration requirements of such Act or laws.
About Pure Technologies Ltd.
Pure Technologies Ltd. is an international technology and services company which has developed patented technologies for inspection, monitoring and management of critical infrastructure around the world. Pure operates from its headquarters in Calgary, Canada and through subsidiaries in Maryland, New Jersey, and the UK. Pure's proprietary product portfolio includes SoundPrint(R), a continuous acoustic structural monitoring system for buildings, bridges and structures; SoundPrint(R) AFO, a fiber-optic distributed acoustic sensing system for monitoring and surveillance of pipelines; and SmartBall(R), a revolutionary new leak detection technology for water, wastewater and hydrocarbon pipelines.
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words "believes", "expects", "anticipates", "estimates", "intends", "plans", or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and the Company's actual results could differ materially from those anticipated. Forward-looking statements are based on the opinions and estimates of Management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in, the Company's filings with Securities Regulators (www.sedar.com).
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SOURCE Pure Technologies Ltd.
For further information: For further information: To find out more about Pure Technologies Ltd. (TSX-V: PUR), visit our website at www.puretechnologiesltd.com. Or contact James E. Paulson, Chairman or Karen Keebler, Chief Financial Officer at (403) 266-6794 or e-mail to email@example.com