MONTREAL, Feb. 20, 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, is raising $85,000 to close-out its $250,000 objective via the issue of a non-brokered private placement 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. $165,000 of units has been sold so far in tranches of $5,000, with shares subject to a 12-month hold period. Proceeds of the funding are being applied to specific outstanding trade debts, interest, taxes and government liabilities. The private placement is subject to the TSX Venture Exchange's Notice to Issuers dated August 17, 2012, regarding Temporary Relief from Certain Pricing Requirements. Under the rules and regulations of the bulletin, the Company is in the process of providing TSXV with information and documentation to support TSXV's conditional acceptance of the Private Placement and granting relief from certain existing pricing requirements.
The Private Placement has been duly and validly approved by the Company's Board of Directors, and no Directors have a direct interest in the Private Placement. This Private Placement is necessary to support existing operations, activities and assets, and none of the proceeds will be used to fund the purchase or pursuit of new businesses, operations or activities, or to compensate, 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.
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