By Sheri Kasprzak
New York, Feb. 1 - ESI Environmental Sensors Inc. said it intends to raise up to C$3 million in a private placement.
The non-brokered offering includes up to 4 million units at C$0.75 each.
The units are comprised of one share and one half-share warrant. The full warrants allow for the purchase of another share at C$0.75 each for the first year and at C$1.00 each for the second year.
Proceeds will be used for the acquisition of capital equipment and facilities used in the company's Flo.Point manufacturing and calibration process. The rest will be used for marketing and distribution as well as for working capital.
Based in Victoria, B.C., ESI develops wastewater management systems.
| Issuer: | ESI Environmental Sensors Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$3 million (maximum)
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| Units: | 4 million (maximum)
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| Price: | C$0.75
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.75 for the first year, C$1.00 for the second year
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| Placement agent: | Non-brokered
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| Pricing date: | Jan. 31
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| Stock symbol: | TSX Venture: ESV
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| Stock price: | C$0.70 at close Jan. 31
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