Business
Kelso Arranging Bridge Financing
Kelso Arranging Bridge Financing
About this update from Kelso Technologies Inc.
[{"type":"text","content":"\nKelso Arranging Bridge Financing\n\n\n Sep. 29, 2009 (Baystreet.ca) -- TUESDAY, SEPTEMBER 29, 2008 - VANCOUVER, BC, CANADA – Kelso Technologies Inc.\n(TSXV:KLS and Pink Sheets:KEOSF) announced today that it is arranging a private\nplacement of up to $250,000 as a bridge financing leading to a larger financing which is\ncurrently being negotiated.\nThis Private Placement will consist of up to 8,333,333 common shares at a price of $0.03 per share\nfor total proceeds of up to $250,000. The investors will also be granted one non-transferable\nwarrant for every share purchased. Each warrant will be exercisable at a price of $0.05 for a period\nof one year following which the price will increase to $0.10 for the second year, $0.15 for the third\nyear, $0.30 for the fourth year, and $0.75 for the fifth year following the closing of the Private\nPlacement.\nThis Private Placement has been priced and announced in accordance with the temporary relief\nmeasures of the TSX Venture Exchange, which expire at the end of business on September 30,\n2009. The Company hopes to close subscriptions by mid October 2009. Any excess subscriptions,\nif not contemplated and announced by September 30th, will be subject to the usual minimum price of\n$0.05 per share.\nThe Company requires bridge funds to continue operating at an optimal level while it continues\nserious discussions with a group which is interested in making significant investments into Kelso.\nThe Company’s goal is to raise $1,000,000 to $2,000,000 to execute its current business plan and it\nis very pleased to date with progress made in its negotiations.\nThis Private Placement is subject to regulatory approval.\nKelso is a customer-driven, product-solutions company and developer of the unique JS line\nof pressure relief valves, Manway Securement System and other rail tank car products for the\nrail industry.\n\nKelso Technologies Inc. is a public company that trades on the TSX Venture Exchange under\nthe symbol KLS and is quoted in the United States on the Pink Sheets under the symbol\nKEOSF. For further information about Kelso Technologies, please visit the Company’s\nwebsite at www.kelsotech.com or contact Corporate Communications at 1.866.535.7685 ext. 3\n(604.878.7600 ext 3) (email: kelso @ kelsotech.com).\n\nIssued on behalf of the Board of Directors of\nKelso...