Seair Announces Issuance of Shares in Satisfaction of Bond Interest Payment, Updates on Shares for Debt Transactions and Warrant Renewal
Calgary, Alberta--(Newsfile Corp. - October 9, 2015) - Seair Inc. (TSXV: SDS) ("Seair" or the "Company") announces that in accordance with the terms of a trust indenture entered into between the Company and BNY Trust Company Of Canada dated as of October 31, 2012, as supplemented by the first supplemental indenture made effective October 31, 2013 and as further supplemented by the second supplemental indenture made effective May 14, 2014 (collectively, the "Indenture"), they have agreed to issue an aggregate of 479,673 common shares in the capital of the Company (the "Common Shares") to holders of the Company's 8% Secured, Subordinate, Convertible, Redeemable Debentures (the "Debentures") in satisfaction of an aggregate of $95,934.62 interest payable to holders of Debentures on September 30, 2015. The issuance of the Common Shares has been conditionally accepted by the TSX Venture Exchange (the "Exchange"). Receipt of the Exchange's final acceptance for the issuance will be subject to the Company complying with all requirements of the Exchange. The Company anticipates that holders of Debentures should receive their Common Shares in lieu of cash interest on the Debentures on or about October 13, 2015.
Seair also announced that it has received approval for and has issued the 760,178 Shares for Debt previously announced on September 1, 2015. Seair will be issuing an additional $8,000.00 worth of shares at $0.18 per share for a total of 44,444 shares. This is subject to be subject to the Company complying with all requirements of the Exchange and receiving their approval.
Seair is also taking steps to renew the 18,619,106 Warrants which are set to expire on October 31, 2015. Seair is seeking to extend the warrants for an additional two years until October 31, 2017. This is subject to review and approval by the Exchange. "We've discussed renewing these warrants earlier as our loyal shareholders deserve this opportunity and it represents a significant amount of non-dilutive additional capital for Seair. It is clearly in the best interests of the company to see these warrants renewed." said Jeff Seibert, CEO of Seair.
About Seair Inc.
Seair Inc. is a Calgary based cleantech company. Seair has commercialized proprietary technology that can diffuse gases, such as oxygen, ozone and carbon dioxide, into liquids more effectively and with lower power consumption than the competition. Seair's patented technologies can produce micron size bubbles that are more efficient than other diffusion technologies because the diffused gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. Seair has been working with customers in the Oil and Gas industry for over five years. Seair applications include oil sands SAGD water solutions, frac and produced water treatment, industrial ponds treatment, mine dewatering/treatment, end-to-end sewage treatment for permanent residential communities and remote work camps, golf course irrigation and pond treatment and most recently, industrial emissions treatment. Parties interested in obtaining further information or receiving news releases and corporate documents from Seair may email such requests to email@example.com or visit the Seair website at www.seairinc.com
Statement Regarding Forward-Looking Information
This news release of Seair contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Seair's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements regarding Seair's expectations regarding the regulatory approval of the Private Placement and closing of the Private Placement. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Seair's expectations. Seair undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the 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.
Jim Laird, CFO