Clearford Industries Inc. to raise up to $3 million Through a Best-Efforts Private Placement
Ottawa, ON (May 20, 2011) – Clearford Industries Inc. (the “Company”) has entered into an agreement with a syndicate of agents led by Mackie Research Capital Corporation and including NCP Northland Capital Partners Inc. (collectively, the “Agents”), to raise on a best efforts private placement basis up to $3 million (the “Offering”) through the issuance of units, consisting of one common share and one half of one common share purchase warrants at a price to be determined in the context of the market.
The net proceeds from the Offering will be used to advance near-term commercial opportunities, fund an ongoing intellectual property protection program and for general working capital purposes. Pursuant to applicable Canadian securities laws, all securities issued in connection with the Offering will be subject to a four month hold period from the closing of the Offering.
The Company will pay the Agents a cash commission equal to 7% of the gross proceeds of the Offering and receive compensation options equal to 7% of the number of units sold in connection with the Offering.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and applicable securities regulatory authorities. Neither the 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.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Clearford Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is the developer of the patented Small Bore Sewer (SBS), a watertight small diameter wastewater collection system that provides servicing with superior operational and environmental performance at a significantly lower cost when compared to historic gravity sewers. Clearford’s SBS technology and industry expertise provide the enabling platform to deliver, on a global basis, turnkey, fixed-price wastewater collection, treatment and energy generation solutions that are ideally suited for water-scarce regions, those with unreliable water distribution networks, and new developments seeking a greener approach to water and wastewater management.
For further information:
Clearford Industries Inc.
Phone: (613) 762-8402