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CALGARY, April 16 /CNW/ - Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX - SES) is pleased to announce the closing of the over-allotment option granted to the Agents in connection with the initial public offering of 19,166,667 common shares pursuant to a long form prospectus dated March 23, 2010 (the "Offering") which closed on March 30, 2010. The Agents exercised the over-allotment option to purchase an additional 2,875,000 common shares (the "Common Shares") at a price of $3.00 per Common Share for gross proceeds of approximately $8,625,000.
The closing of the exercise of the over-allotment option increased the aggregate gross proceeds of the Offering from approximately $57,500,001 to approximately $66,125,001. The net proceeds of the offering will be used to fund the Corporation's 2010 capital expenditure program.
The Offering was carried out by a syndicate of investment dealers led by FirstEnergy Capital Corp. and including Raymond James Ltd. and Peters & Co. Limited (collectively, the "Agents").
About Secure Energy Services Inc.
Secure is an energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin. The services provided by Secure assist these companies with the treatment and sale of crude oil and the handling of by-products associated with oil and natural gas development and production. The services provided by Secure include crude oil emulsion treatment, the terminalling, storage and marketing of crude oil, oilfield waste processing, tank washing, landfill disposal and disposal of produced and waste water. The Corporation's services are provided at eight facilities in Alberta and one facility in British Columbia.
When used in this news release, the word "will" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the date that the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if conditions or opinions should change, except as required by applicable law.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE SECURE ENERGY SERVICES INC.
For further information: For further information: Secure Energy Services Inc., Rene Amirault, Chairman, President and Chief Executive Officer, Phone: (403) 984-6100, Fax: (403) 984-6101; Nick Wieler, Vice President, Finance and Chief Financial Officer, Phone: (403) 984-6100, Fax: (403) 984-6101