Non-brokered deal attracts inside investors Ken Rose, Gilbert Tkachuk
By Devika Patel
Knoxville, Tenn., June 4 - Formation Fluid Management Inc. said it plans a non-brokered private placement of units. The deal is slated to raise C$1.2 million.
The company will sell 15 million units of one common share and one half-share warrant at C$0.08 per unit.
Each whole warrant will be exercisable at C$0.12 for one year. The strike price is a 20% premium to C$0.10, the June 1 closing share price.
Chief executive officer, president and director Ken Rose will invest up to C$800,000, as will marketing manager Gilbert Tkachuk.
Proceeds will be used for general working capital.
The Sylvan Lake, Alta., company has developed and manufactured a processing system, the Produced Water Processing Plant, housed in mobile units that treat produced water.
| Issuer: | Formation Fluid Management Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 15 million
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Investors: | Ken Rose (for up to C$800,000), Gilbert Tkachuk (for up to C$800,000)
|
| Pricing date: | June 4
|
| Stock symbol: | TSX Venture: FFM
|
| Stock price: | C$0.10 at close June 1
|
| Market capitalization: | C$3.7 million
|
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