Ridgeline Energy Services Inc. (RGDEF: OTCQX International) | RIDGELINE ANNOUNCES FINAL CLOSING OF PRIVATE PLACEMENT

RIDGELINE ANNOUNCES FINAL CLOSING OF PRIVATE PLACEMENT

Mar 15, 2013

OTC Disclosure News Service

Calgary, ALB, Canada

 

RIDGELINE ANNOUNCES FINAL CLOSING OF

PRIVATE PLACEMENT

 

 

March 15, 2013 – Calgary, Alberta. 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”.

 

For further information please contact:

 

Ryan Johnson of Ridgeline Energy Services Inc.

Corporate Development

(604) 566-8066 ext. 3 (Vancouver)  

rjohnson@ridgelinecanada.com

 

David Waldman at Crescendo Communications

 Investor Relations

 (212) 671-1021 (New York)

dwaldman@crescendo-ir.com

 

 

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.”

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/RGDEF/news?id=60052

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