OTTAWA, June 21, 2012 /CNW/ - Seprotech Systems Incorporated (TSXV: SET) ("Seprotech" or the "Company") advises that following TSX Venture Exchange approval it has completed with its debenture holders the conversion of 50% of the principal amount of the debentures ($352,500) for 3,525,000 common shares of the Company, at a conversion price of $0.10 per share. The remaining principal amount of the debentures ($352,500) is being repaid with interest in 12 equal monthly payments, which commenced on May 15, 2012.
The Company issued 3,525,000 common shares of the Company at a deemed price of $0.10 per share upon conversion of the debt. After this issuance, the current issued and outstanding number of common shares of the Company is 66,446,926.
Harry Marshall, CEO of Seprotech, said, "This is a key step in strengthening our balance sheet. We are gratified by the support demonstrated by this group of our key suppliers and partners."
Seprotech is a provider of pre-engineered water and wastewater treatment solutions to the municipal/land development, resource sector, and military market place. Solutions include Reverse Osmosis water purification systems, ROTORDISK® biological sewage treatment package plants, and CrystalBlue™ membrane-based water recycling systems.
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. The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. 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.
For further information:
Mr. Ian W. Malone, CFO
Tel: (613) 523-1641
Fax: (613) 731-0851