Pure Technologies Ltd. Announces CAD$20,002,200 Bought Deal Common Share Financing
21 Mars 2011 - 12:41PM
PR Newswire (Canada)
CALGARY, March 21 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, March 21 /CNW/ - Pure Technologies Ltd. ("Pure" or the
"Company") (TSX Venture: PUR) is pleased to announce that it has
entered into an agreement with a syndicate of underwriters led by
Canaccord Genuity Corp. and including Cormark Securities Inc. and
Fraser Mackenzie Ltd. (the "Underwriters"), pursuant to which the
Underwriters have agreed to purchase, on a bought deal basis,
pursuant to a short form prospectus, 3,922,000 common shares (the
"Common Shares") of the Company at a price of CAD$5.10 per Common
Share ("Offering Price") for gross proceeds of CAD$20,002,200 (the
"Underwritten Offering"). In addition, the Company will grant
the Underwriters an option to purchase additional Common Shares at
the Offering Price to raise additional gross proceeds of up to 15%
of the Underwritten Offering (the "Over-Allotment Option")
exercisable for a period of up to 30 days after the closing date
(the "Over-Allotment Option", and together with the Underwritten
Offering, the "Offering"). The proceeds from the Offering are
expected to be used by the Company for general corporate purposes.
Closing of the Offering is anticipated to occur on or before April
13, 2011 and is subject to certain conditions. This news release
does not constitute an offer to sell or a solicitation of an offer
to buy nor shall there be any sale of any of the Common Shares in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The Common Shares have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or the securities laws of any
state of the United States and may not be offered or sold within
the United States or to, or for the account or the benefit of, U.S.
persons (as defined in Regulation S under the U.S. Securities Act)
unless registered under the U.S. Securities Act and applicable
state securities laws or pursuant to an exemption from such
registration requirements About Pure Technologies Ltd. Pure
Technologies Ltd. is an international asset management technology
and services company which has developed patented technologies for
inspection, monitoring and management of critical infrastructure
around the world. Pure's business model incorporates four
distinct but complementary business streams: -- Sales of
proprietary monitoring technologies for pipelines, bridges and
structures (SoundPrint®, SoundPrint® AFO); -- Recurring revenue
from data analysis and site maintenance for these technologies, and
from technology licensing; -- Premium technical services including
inspection, leak detection and condition assessment (P-Wave®,
SmartBall®, Sahara®, PipeDiver™, PureRobotics™); -- Specialized
engineering services in areas related to asset management,
primarily in the area of pipeline condition assessment for water
and wastewater infrastructure (Openaka, Price Brothers UK Ltd, and
Jason Consultants). Forward-Looking Statements This release
contains forward-looking statements. Forward-looking
statements, without limitation, may contain the words "believes",
"expects", "anticipates", "estimates", "intends", "plans", or
similar expressions. Forward-looking statements are not
guarantees of future performance. They involve risks,
uncertainties and assumptions and the Company's actual results
could differ materially from those anticipated.
Forward-looking statements are based on the opinions and estimates
of Management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. In the
context of any forward-looking information please refer to risk
factors detailed in, as well as other information contained in, the
Company's filings with Securities Regulators (www.sedar.com). ®
Registered Trademarks, property of Pure Technologies Ltd. "The TSX
Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release" To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/March2011/21/c4741.html
p To find out more about Pure Technologies Ltd. (TSX-V: PUR), visit
our website at a href="http://www.puretechltd.com"
font-style="italic"www.puretechltd.com/a. Or contact James E.
Paulson, Chairman or Karen Keebler, Chief Financial Officer at
(403) 266-6794 or e-mail to a
href="mailto:info@puretechnologiesltd.com"
font-style="italic"info@puretechnologiesltd.com/a. /p
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