PURE TECHNOLOGIES CLOSES CAN$20.0 MILLION BOUGHT DEAL COMMON SHARE FINANCING
April 13 2011 - 8:50AM
PR Newswire (Canada)
CALGARY, April 13 /CNW/ -- CALGARY, April 13 /CNW/ - Pure
Technologies Ltd., ("Pure" or the "Company") (TSXV: PUR) is pleased
to announce that it has closed its previously announced "bought
deal" short form prospectus offering of 3,922,000 common shares at
a price of $5.10 per common share for total gross proceeds of
approximately $20 million. The offering was conducted through
a syndicate of underwriters led by Canaccord Genuity Corp., and
included Cormark Securities Inc. and Fraser Mackenzie Limited ("the
Underwriters"). The Company has agreed to pay the Underwriters a
fee equal to 5% of the gross proceeds of the offering. Pure intends
to use net proceeds from this offering to fund business objectives
that are consistent with the Company's overall growth oriented
strategy. These business objectives include the development
of new technologies and further commercialization of existing
technologies for the water and wastewater pipeline industry;
increased marketing endeavors to penetrate new international
markets; and strategic acquisitions of assets and entities
complementary to Pure's business and operations. About Pure
Technologies Ltd. Pure Technologies Ltd. is an international asset
management technology and services company which has developed
patented technologies for inspection, monitoring and management of
critical infrastructure around the world. Pure's business
model incorporates four distinct but complementary business
streams: -- Sales of proprietary monitoring technologies for
pipelines, bridges and structures (SoundPrint®, SoundPrint® AFO);
-- Recurring revenue from data analysis and site maintenance for
these technologies, and from technology licensing; -- Premium
technical services including inspection, leak detection and
condition assessment (P-Wave®, SmartBall®, Sahara®, PipeDiver™,
PureRobotics™); -- Specialized engineering services in areas
related to asset management, primarily in the area of pipeline
condition assessment for water and wastewater infrastructure
(Openaka, Price Brothers UK Ltd, and Jason Consultants).
Forward-Looking Statements This release contains forward-looking
statements. Forward-looking statements, without limitation,
may contain the words "believes", "expects", "anticipates",
"estimates", "intends", "plans", or similar expressions.
Forward-looking statements are not guarantees of future
performance. They involve risks, uncertainties and
assumptions and the Company's actual results could differ
materially from those anticipated. Forward-looking statements
are based on the opinions and estimates of Management at the date
the statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. In the context of any
forward-looking information please refer to risk factors detailed
in, as well as other information contained in, the Company's
filings with Securities Regulators (www.sedar.com). ® Registered
Trademarks, property of Pure Technologies Ltd. "The TSX Venture
Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release" To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/April2011/13/c3623.html
p To find out more about Pure Technologies Ltd. (TSX-V: PUR), visit
our website at a
href="http://www.puretechltd.com"www.puretechltd.com/a. Or
contact James E. Paulson, Chairman or Karen Keebler, Chief
Financial Officer at (403) 266-6794 or e-mail to a
href="mailto:info@puretechnologiesltd.com"info@puretechnologiesltd.com/a.
/p
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