Biorem completes $3 million financing

About this update from Biorem Inc.

[{"type":"text","content":"\n\n\n\nGUELPH, ON, Oct. 31 /CNW/ - BIOREM Inc. (TSXV: BRM), a clean technology\nair pollution control company, is pleased to announce that today it completed\na $3,000,000 debenture financing with Wellington Financial LP.\n\n\nThe debt financing was completed to bolster Biorem's working capital\nposition to deliver on its current record level of Order Backlog and to\nexecute its strategic plan to further grow its business and more thoroughly\npenetrate industrial markets.\n\n\nIn addition, the Company believes that its recently announced advances in\ntechnology development, and planned future advances, will result in broader\nair pollution treatment applications for Biorem's technology, and\nconsequently, greater demand for its products.\n\n\n"Biorem is a clean technology air pollution control company that is\nexpanding the use of our technology to a wider range of applications that\nallows us to enter new markets." says Peter Bruijns, President and CEO. "This\nfunding will be used for working capital and the investment in R&D and sales\nresources to drive future growth in bookings and revenues."\n\n\nIn connection with the financing, Biorem has also issued to Wellington\nFinancial 1,153,846 special warrants which are exercisable into 1,153,846\nshare purchase warrants, each of which share purchase warrants is, upon\npayment of the exercise of price of $0.65, exercisable to acquire one common\nshare of Biorem. The share purchase warrants have a five year term from\ntoday's date. The warrants, if exercised today, would represent approximately\n8.8 per cent of the outstanding common shares of Biorem.\n\n\nCanaccord Capital Corp. acted as financial advisor to the Company with\nrespect to this transaction.\n\n\nAbout BIOREM Inc.\n\n\nBIOREM manufactures Biosorbens(R) biofilter media and is a leading\nsupplier of biofilters for air pollution control in municipal and industrial\napplications, including BIOCUBE(R) modular units and Mytilus(R) biotrickling\nfilters. With over 500 installed systems and over a decade of experience, the\nCompany's products are the technology of choice for odor control at wastewater\ntreatment plants across North America. Additional information on BIOREM is\nalso available at our web site at www.biorem.biz.\n\n\n-----------------------------------------------------------------------...

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