OTTAWA, Nov. 9, 2018 /CNW/ - Clearford Water Systems Inc.
("Clearford" or the "Company"), (TSXV: CLI), today announced that
it issued a new C$500,000, 5 year
term convertible debenture. The effective issue date is
November 1st, 2018 and the
debenture matures in 2023.
The convertible debenture bears interest at 5% compounded
annually and is payable at the earlier of (i) the maturity date, or
(ii) the conversion date, of the debenture. The conversion price
for the debenture is $0.20 per share.
The holder of the convertible debenture will be provided a share
pledge over certain assets of Clearford. The proceeds of the
issuance will be used for working capital purposes including
interest payments. This transaction is subject to the TSX Venture
Exchange final approval. There will be a hold period of 4 months +
1 day on the equity issuable pursuant to the convertible debenture
transaction which will expire on March
6th, 2019.
The Company had 102,027,729 issued and outstanding shares and
158,107,729 on a fully diluted basis prior to these transactions.
Subsequent to the close, the Company will have 102,027,729 issued
and outstanding shares and 160,607,729 on a fully diluted
basis.
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.
About Clearford Water Systems Inc.
Clearford Water Systems Inc. (TSX-V: CLI) is a provider of
unified water management solutions for the design, build, finance,
operation and maintenance of water and wastewater infrastructure
systems. The Company's technology-based water solutions include the
Clearford One wastewater infrastructure systems, Clearford
M-brane™ packaged treatment solutions, and a full range of
UV Pure® water disinfection products. Clearford is
the winner of the Frost & Sullivan 2017 Enabling
Technology Leadership Award for Global Decentralized Water &
Wastewater Treatment. For more information on Clearford Water
Systems, please visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute
forward-looking statements as they relate to the Company and its
management. Forward-looking statements are not historical facts but
represent management's current expectation of future events, and
can be identified by words such as "believe", "expects", "will",
"intends", "plans", "projects", "anticipates", "estimates",
"continues" and similar expressions. Although management believes
that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that they will
prove to be correct.
By their nature, forward-looking statements include assumptions
and are subject to inherent risks and uncertainties that could
cause actual future results, conditions, actions or events to
differ materially from those in the forward-looking statements. If
and when forward-looking statements are set out in this news
release, Clearford will also set out the material risk factors or
assumptions used to develop the forward-looking statements. The
Company assumes no obligation to update or revise any
forward-looking statements, except as expressly required by
applicable securities law or exchange requirements. The future
outcomes that relate to forward-looking statements may be
influenced by many factors, including, but not limited to: industry
cyclicality; the ability to secure third party agreements;
successful integration of Clearford's system with third party
technology; competition; reduction in demand for products;
collection from customers; relationships with suppliers; product
liability; intellectual property; reliance on key personnel;
environmental; interest rates; uninsured and underinsured losses;
operating hazards; risks of future legal proceedings; income tax
matters; credit facilities; availability and terms of financing;
distribution of securities; restrictions on potential growth;
effect of market interest rates on price of securities; and
potential dilution.
SOURCE Clearford Water Systems Inc.
