CALGARY, March 15, 2013 /CNW/ - Ridgeline Energy Services
Inc. ("Ridgeline" or the "Company") (TSXV: RLE) (OTCQX: RGDEF)
(FSE: RL7) is a water treatment and energy technology company,
today announces the final closing of a private placement previously
announced on March 7, 2013.
The Company's private placement consisted of an
offering of 6,000,000 (the "Units") for aggregate gross proceeds of
$2,820,000 (the "Offering"). Each
Unit is comprised of one common share in the capital of the Company
(a "Common Share") and one full Common Share purchase warrant (a
"Warrant"). Each Warrant is exercisable to acquire one Common Share
at a price of $0.59 for a period of
five years from date of issuance.
Effective March
14th, 2013 the Company has completed its final
closing of the Offering through the issuance and sale of Units for
gross proceeds of $1,316,265. The
Warrants issued under the final closing expire on March 14th, 2018.
The Offering is non-brokered but the Company has
offered cash commissions to sellers of up to 7% on the gross
proceeds of subscriptions obtained by a seller. The Company will
not be issuing any securities to sellers as compensation. Under the
final closing of the Offering the Company paid a total of $
$48,177.51 in cash commissions.
The Common Shares, Warrants and the Common
Shares issuable upon the exercise of the Warrants are subject to a
four month plus one day resale restriction pursuant to National
Instrument 45-102 Resale of Securities. The securities
issued under the Offering must not be traded before July 15th, 2013 unless otherwise
permitted under securities legislation.
The Company intends to use the net proceeds from
the private placement for working capital.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a water
treatment and energy technology company. The Company is applying
proprietary technology to treat water generated from industrial and
commercial waste water markets. These markets include a wide
variety of clients across a broad spectrum of industries including
oil and gas. Through its environmental consulting and remediation
divisions, Ridgeline Environment has built a reputation as an
established provider of environmental services to the Western
Canadian oil and gas industry. Ridgeline GreenFill provides soil
remediation and wet waste disposal services to the oil and gas
industry. The Company trades on the TSX Venture Exchange
under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt
Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis Danzik"
CEO
"Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This news release
may contain forward-looking statements. Forward-looking statements
address future events and conditions and therefore, involve
inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
Such information is subject to known and unknown risks,
uncertainties and other factors that could influence actual results
or events and cause actual results or events to differ materially
from those stated, anticipated or implied in the forward-looking
information. Readers are cautioned not to place undue
reliance on forward-looking information, as no assurances can be
given as to future results, levels of activity or
achievements."
SOURCE Ridgeline Energy Services Inc.