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Symbol: SUT: TSX Venture Exchange
CALGARY, March 9 /CNW/ - Suntec Pure Water Technologies Inc. ("Suntec") (TSX-V: SUT) is pleased to announce the closing of its non-brokered private placement of $120,000 in principal value of 10% unsecured, subordinated debentures (the "Debentures"). Suntec issued an aggregate of 240,000 common share purchase warrants (the "Warrants") to the purchasers of the Debentures. The Warrants have a two year term with each Warrant being exercisable for one common share of Suntec at an exercise price of $0.25 per share during the first year and of $0.30 per share during the second year. The Debentures mature two years from the date of issue. The securities have been sold to accredited investors and other qualified purchasers, on a private placement basis. Proceeds of the financing will be used to meet current liabilities and for general corporate purposes. The Warrants issued under this private placement, and the common shares into which the Warrants are exercisable, will be subject to a four-month hold period. Insiders of Suntec participated for $50,000 or 41.66% of this private placement.
About Suntec
Suntec Pure Water Technologies Inc. treats and recycles oilfield waste water and sells recycled water, methanol water and potassium chloride. Waste water and sand is transported by truck from well fracturing operations to Suntec's oilfield waste water treatment facility, located approximately 80 kilometers southeast of Calgary, Alberta. The recycling process removes residual contaminants from the water. Treated and recycled water, methanol water and potassium chloride are sold and trucked to oil and gas industry operators for re-use in the oil and gas drilling and development process while the sand is shipped to a recycler. The waste water, as treated and recycled by Suntec, would otherwise be disposed of through the existing method of deep well injection, removing the water from the hydrological cycle.
Suntec's common shares trade on the TSX Venture Exchange under the symbol "SUT".
This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Suntec will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.
Forward Looking Statements:
Statements made in this news release that relate to future plans, expectations, events or performances are forward-looking statements. Such statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.