NAPLES, FL, Sept. 30, 2013 /CNW Telbec/ - Richard A. Hoel announces that he acquired today a total of 1,000,000 common shares (the "Common Shares") in H2O innovation Inc. ("H2O Innovation" or the "Corporation") representing approximately 1.43% of the issued and outstanding Common Shares of the Corporation at a price of CAD$0.22 per share for an aggregate consideration of CAD$220,000. The Common Shares were acquired in reliance upon the "accredited investors" prospectus and registration exemption contained in Regulation 45-106 respecting Prospectus and Registration Exemptions.
After the transaction, Mr. Hoel, a director of the Corporation and a holder of more than 10% of its issued and outstanding Common Shares, now beneficially owns or controls, directly and indirectly, a total of 9,371,214 Common Shares of H2O Innovation representing approximately 13.42% of the 69,850,369 issued and outstanding Common Shares of the Corporation as of the date hereof. In addition, Mr. Hoel also holds stock options to acquire up to 105,000 Common Shares under the stock option plan of the Corporation. His participation, assuming the exercise of his options, would increase to 9,476,214 Common Shares, being 13.56% of the Common Shares then issued and outstanding.
The Common Shares were acquired by Mr. Hoel for investment purposes. Richard A. Hoel may, from time to time, acquire additional securities of H2O Innovation, dispose of some or all of the securities that he holds, or might hold, or continue to hold his current positions.
535,812 Common Shares acquired by Mr. Hoel in the transaction described herein, were issued further to the conversion into Common shares of a debt owed by the Corporation to Mr. Hoel, in accordance with a loan agreement entered into between the parties on June 29, 2009.
The Common Shares issued to Mr. Hoel as part of this private placement are subject to a four-month statutory resale restriction.
Richard A. Hoel will be filing a report (as contemplated by National Instrument 62-103 respecting the Early Warning System and Related Takeover Bid and Insider Reporting Issues) in connection with his acquisition of the Common Shares.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Alternext Exchange accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Richard A. Hoel
For further information:
Richard A. Hoel
1544 Marsh Wren Lane