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CALGARY, July 29 /CNW/ - Resin Systems Inc. ("RS") (RS - TSX), a technology innovator that develops advanced composite products for infrastructure markets, announced today that it has completed its previously announced rights offering (the "Rights Offering"). At closing, RS issued 36,787,039 common shares of RS at a price of $0.33 per share for gross proceeds of $12,139,723. The common shares were issued to persons who exercised rights issued under the Rights Offering and to the stand-by purchasers pursuant to stand-by commitments previously agreed to and described in the rights offering circular of RS dated June 15, 2009.
RS intends to use the net proceeds of the Rights Offering to fund general working capital and capital expenditures.
About RS
RS is a technology innovator that develops advanced composite material products for infrastructure markets. The composite products manufactured using the company's proprietary materials and processes are typically lighter, more durable and longer-lasting than competing products made from the traditional building blocks of wood, steel or concrete.
RS's flagship product is its award-winning RStandard(R) composite pole. RStandard poles are used to carry transmission and distribution electric grids and as communication structures for wireless and microwave communication networks.
For the latest on RS's developments, go to the company's website at www.grouprsi.com.
"RStandard" is a registered trademark of RS.
Forward-Looking Statements
Certain statements included in this press release constitute forward-looking statements. Such forward-looking statements involve unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of RS to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Additional factors that could affect RS's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) under RS's profile. Forward-looking statements in this press release may include, but are not limited to, the statement regarding the use of the net proceeds from the Rights Offering. For this purpose, any statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects", "intends" and similar expressions Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Furthermore, the forward-looking statements contained herein are made as at the date hereof and RS does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.