MONTREAL, May 30, 2013 /CNW Telbec/ - Sofame Technologies Inc. (TSXV: SDW) (OTC.PK: SFMGF), a leading manufacturer of environmentally efficient industrial water heaters and cost effective heat recovery systems for traditional boilers, has closed an initial tranche of $ 205,000 of its non-brokered private placement with accredited investors through the issue of units at a price of $0.02 per unit. Each unit is comprised of one common share and a twelve-month purchase warrant for half of one common share at $0.05 cents. 10,250,000 units have been sold in tranches of $ 5,000 with shares subject to a 4-month hold period. Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities as follows:
|Public Company Costs||$||18,638.48|
The private placement is subject to the TSX Venture Exchange's Notices to Issuers dated August 17, 2012, and April 12, 2013, regarding Temporary Relief from Certain Pricing Requirements until August 31, 2013. This Private Placement is necessary to support existing operations, activities and assets. Under the rules and regulations of the bulletins, the Company will provide TSXV with information and documentation to support TSXV's final acceptance of the Private Placement and granting of relief from certain existing pricing requirements.
The Private Placement has been duly and validly approved by the Company's Board of Directors. The April 12, 2013, Extension and Modification of Temporary Relief Measures from Certain Pricing Requirements allows Related Parties to participate. John Gocek, Sofame's President and CEO has acquired 250,000 units. None of the proceeds will be used to fund the purchase or pursuit of new businesses, operations or activities, and not more than an aggregate $10,000 will serve to compensate, or settle indebtedness with, or otherwise satisfy obligations to, any person who is a Related Party (as such term is defined in Policy 1.1 of the TSX Venture Exchange Corporate Finance Manual).
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.
SOURCE: SOFAME TECHNOLOGIES INC.
For further information:
President & CEO
(514) 523-6545 x200
Stone Communication Services