SHARC International Announces Non-Brokered $2.5 Million Private Placement
VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (IWIA.F) (INTWF) ("SHARC") is pleased to announce a Non-Brokered Private Placement (the "Private Placement") and will be issued in connection with the creation and issue of an aggregate of 6,250,000 Units (“Units”) or 8,750,000 Units, if the Over-Allotment Option (“Over-Allotment”) is exercised in full, for aggregate gross subscription proceeds of $2,500,000 or $3,500,000 if the Over-Allotment is exercised in full, to be sold by the Corporation by private placement (the "Offering").
Each Unit at a purchase price of $0.40 per Unit, and the Unit consists of one (1) common share ("Common Share") of the Company and one (1) non-transferable share purchase warrant ("Warrant").
The "Over-Allotment Option" means the option of the Corporation, exercisable up to 48 hours prior to the Closing (as defined below), to sell up to an additional 2,500,000 Units at $0.40 per Unit.
Each Warrant will entitle the holder to acquire one (1) Common Share at an exercise price of $0.60 for a period of 24 months from the closing date of the Private Placement. In the event that the Company's common shares trade at a closing price on the Exchange of greater than $1.00 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the ("Eligible Acceleration Date") on which such notice is given by the Company.
All securities issued in the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange ("CSE").
The Company may, in its sole discretion, pay a finder’s fee within CSE policy guidelines in connection with the Private Placement.
The Company intends to use the net proceeds of the Private Placement for the advancement of the Company's projects that are currently in the pipeline and will also be evaluating new project opportunities as part of its business model.
About SHARC International Systems
SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC is publicly traded in Canada (CSE:SHRC), the United States (INTWF) and Germany (IWIA.F).
Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
“Lynn Mueller”
Chairman and Chief Executive Officer
For further information, please contact:
Ray Crowley
Telephone: 604 782 0773
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC's actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company's expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
