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BIOREM announces proposed private placement of up to $3 million of units and changes to board of directors
BIOREM announces proposed private placement of up to $3 million of units and changes to board of ...
About this update from Biorem Inc.
[{"type":"text","content":"\n\n\n\n Jul. 7, 2010 (Canada NewsWire Group) -- BIOREM Inc. (TSXV:BRM) is pleased to announce a proposed private placement of up to 4,687,500 Units at a price per Unit of $0.64 for total gross proceeds of up to $3.0 million. Each Unit will consist of one common share and one-half of a share purchase warrant. Each whole share purchase warrant will be exercisable into one common share at an exercise price of $0.95 per share and will expire on the date which is 18 months from the date of issuance unless such date is accelerated in accordance with the terms of the share purchase warrants. The expiry date of the share purchase warrants may be accelerated if the daily weighted average trading price of the common shares on the TSXV exceeds $1.10 for ten consecutive trading days. Clean Technology Fund II, LLC may purchase that number of Units in the private placement which would permit the fund and related funds to maintain their 28% shareholding in Biorem. The private placement is expected to close within the next forty-five days and is subject to regulatory approval. BIOREM intends to use the proceeds from the private placement for working capital and general corporate purposes. A commission or finders fee will be paid in connection with a portion of the funds raised in the private placement.\nBIOREM also announces the following changes to its Board of Directors effective today. Mr. Robert Nally has completed his term as Chairperson and has been succeeded by Mr. H.J. (Hank) Vander Laan, a current Director of the Company. The Company expresses its appreciation to Mr. Nally, who as founding Chairperson, helped lead and guide the company to its current success. Mr. Nally will continue as a Director of the Company. In addition, Mr. Jeffrey Dreben has resigned as a Director of the Company enabling him the time to pursue a number of new projects in the Cleantech sector. The Chair of the Audit Committee has been assumed by Mr. Stephen Ardia, a current Director of the Company. The Board wishes to express its sincere appreciation to Mr. Dreben for his contribution to the founding and growth of Biorem over many years, from its incubation stage to its current level of achievement as a leader in air emission control.\n"Our industry is privileged to have dedicated individuals like Robert and Jeff who together for over 20 years have been comm...