ProSep Announces Private Placement
ProSep Announces Private Placement
MONTREAL, QUEBEC – May 6, 2010 - ProSep Inc. (TSX: PRP), dedicated to providing process solutions to the oil and gas industry, today announced that it intends to complete a private placement of up to 28,461,538 common shares at a purchase price of $0.13, for a minimum of $2.7 million and up to a maximum of $3.7 million. Gross proceeds from the private placement will be used for working capital purposes. The private placement is expected to close on or about May 7, 2010. The closing is subject to regulatory and Toronto Stock Exchange approval.
Pursuant to applicable securities legislation, the common shares issued herein will have a restricted "hold” period of four (4) months from the date of closing of the private placement. This press release shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction. The common shares will not be registered under the securities legislation of any province or territory in Canada or under the United States Securities Act of 1933, as amended, and may not be offered or sold in Canada and in the United States except pursuant to applicable private placement exemptions.
About ProSep Inc.
ProSep Inc. is dedicated to providing process solutions to the oil and gas industry. ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production. For more information, please visit www.prosepinc.com.
Caution concerning forward-looking statements
This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of ProSep Inc. These statements are based, among others, on the Company’s current assumptions, expectations, estimates, objectives, plans and intentions regarding projected revenues and expenses, the economic and industry environments in which the Company operates or which could affect its activities, the Company's ability to attract new clients and consumers as well as its operating costs, raw materials and energy supplies which are subject to a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of the conditional tense, the words "may", "should", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective" or "continue" or the negative of these terms or variations of them or words and expressions of similar nature. Actual results could differ materially from the conclusion, forecast or projection stated in such forward-looking information. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include but are not limited to the Company's ability to develop, manufacture, and successfully commercialize value added equipments and services, the availability of funds and resources to continue its operations and pursue its projects, legislative or regulatory developments, competition, technological change, changes in government and economic policy, inflation and general economic conditions in geographic areas where ProSep Inc. operates. These and other factors should be considered carefully and undue reliance should not be placed on the forward-looking statements.
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