Business
BluMetric Announces Conversion of Series I Special Shares to Common Shares
OTTAWA , July 3, 2013 /CNW/ - BluMetric Environmental Inc. (TSX-V: BLM, "BluMetric" or t...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"\n\n\nOTTAWA, July 3, 2013 /CNW/ - BluMetric Environmental Inc. (TSX-V: BLM,\n \"BluMetric\" or the \"Company\") announces the conversion of 2,831,325\n Series I Special Shares of the Company to 2,831,325 common shares of\n the Company.  Some of the common shares will be subject to ongoing\n escrow arrangements.  Following the conversion, the total number of\n BluMetric common shares issued and outstanding is 25,191,656.\n\n\nThe foregoing conversion was contemplated in the Share Exchange\n Agreement dated September 21, 2012 between BluMetric (formerly\n Seprotech Systems Incorporated) and WESA Group Inc. (\"WESA\") in which\n the parties agreed that in addition to the $9,400,536 consideration\n being paid in the form of common shares of BluMetric to WESA\n shareholders for their WESA shares, additional consideration would be\n paid to reflect the value of inclusion of WESA's real estate assets,\n which were added to the transaction subsequent to the originally agreed\n valuations.\n\n\nThe value of the equity in the real estate was agreed to be $1,880,000,\n resulting in total aggregate consideration of $11,280,536.  This\n additional consideration was settled by the issuance to the WESA\n shareholders of 2,831,325 Series I Special Shares of BluMetric (the\n \"Special Shares\").  Each Special Share was to have been automatically\n converted into common shares of BluMetric on the earlier of (i)\n completion of a qualified financing following the completion of the\n acquisition of WESA by BluMetric for gross proceeds of not less than\n $2,000,000 for an issue price of not less than $0.664 per common share,\n and (ii) July 2, 2013.  No such qualified financing has been completed\n within the prescribed time frame and, accordingly, the floor conversion\n price of $0.664 has been applied, resulting in a one-for-one conversion\n ratio.\n\n\nAbout BluMetric\nBluMetric delivers sustainable solutions to complex environmental\n issues.  The Company serves clients in many industrial sectors, and at\n all levels of government, in Canada and abroad.\n\n\nBluMetric operates through two divisions:\n\n\nProfessional Services, providing environmental earth sciences and engineering solutions,\n including contaminated site remediation, water resource management,\n industrial hygiene, occupational health & safety,...