Business
Suntec Announces Closing of Private Placement
Suntec Announces Closing of Private Placement.
About this update from Serrano Resources Ltd.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE U.S./\n\n\nSymbol: SUT: TSX Venture Exchange\n\n\nCALGARY, March 9 /CNW/ - Suntec Pure Water Technologies Inc. ("Suntec")\n(TSX-V: SUT) is pleased to announce the closing of its non-brokered private\nplacement of $120,000 in principal value of 10% unsecured, subordinated\ndebentures (the "Debentures"). Suntec issued an aggregate of 240,000 common\nshare purchase warrants (the "Warrants") to the purchasers of the Debentures.\nThe Warrants have a two year term with each Warrant being exercisable for one\ncommon share of Suntec at an exercise price of $0.25 per share during the\nfirst year and of $0.30 per share during the second year. The Debentures\nmature two years from the date of issue. The securities have been sold to\naccredited investors and other qualified purchasers, on a private placement\nbasis. Proceeds of the financing will be used to meet current liabilities and\nfor general corporate purposes. The Warrants issued under this private\nplacement, and the common shares into which the Warrants are exercisable, will\nbe subject to a four-month hold period. Insiders of Suntec participated for\n$50,000 or 41.66% of this private placement.\n\n\nAbout Suntec\n\n\nSuntec Pure Water Technologies Inc. treats and recycles oilfield waste\nwater and sells recycled water, methanol water and potassium chloride. Waste\nwater and sand is transported by truck from well fracturing operations to\nSuntec's oilfield waste water treatment facility, located approximately\n80 kilometers southeast of Calgary, Alberta. The recycling process removes\nresidual contaminants from the water. Treated and recycled water, methanol\nwater and potassium chloride are sold and trucked to oil and gas industry\noperators for re-use in the oil and gas drilling and development process while\nthe sand is shipped to a recycler. The waste water, as treated and recycled by\nSuntec, would otherwise be disposed of through the existing method of deep\nwell injection, removing the water from the hydrological cycle.\n\n\nSuntec's common shares trade on the TSX Venture Exchange under the symbol\n"SUT".\n\n\nThis press release shall not constitute an offer to sell or a\nsolicitation of an offer to buy the securities in any jurisdiction. The com...