MONTREAL, Feb. 7, 2012 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, is pleased to announce that investors in the $250,000 secured bridge loan have extended maturity to March 15, 2012. The Company is seeking $700,000 in new capital to repay the bridge loan as mentioned in a press release on January 18th. Sofame is considering either a debenture with a 3-year term, convertible to common shares at $0.10 per share after one year at the option of the lender, or an issue of non-brokered units at a price of $0.05 per unit, with each unit comprised of one common share and a two-year purchase warrant for half of one common share at $0.10 cents. Proceeds of the funding would be used to repay the secured bridge loan and to pay remaining trade debts, interest and government liabilities, as well as for general working capital purposes.
According to the Company's President, Mr. John Gocek, "Sofame's bridge loan investors are from our supply chain. They have clearly expressed excitement over dramatically reduced expenses and the recent increase in profitable equipment orders on hand at Sofame."
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.
For further information:
President & CEO
(514) 523-6545 x200
Stone Communication Services