GUELPH, ON, July 7 /PRNewswire-FirstCall/ - BIOREM Inc.
(TSXV:BRM) is pleased to announce a proposed private placement of
up to 4,687,500 Units at a price per Unit of $0.64 for total gross proceeds of up to
$3.0 million. Each Unit will consist
of one common share and one-half of a share purchase warrant. Each
whole share purchase warrant will be exercisable into one common
share at an exercise price of $0.95
per share and will expire on the date which is 18 months from the
date of issuance unless such date is accelerated in accordance with
the terms of the share purchase warrants. The expiry date of the
share purchase warrants may be accelerated if the daily weighted
average trading price of the common shares on the TSXV exceeds
$1.10 for ten consecutive trading
days. Clean Technology Fund II, LLC may purchase that number of
Units in the private placement which would permit the fund and
related funds to maintain their 28% shareholding in Biorem. The
private placement is expected to close within the next forty-five
days and is subject to regulatory approval. BIOREM intends to use
the proceeds from the private placement for working capital and
general corporate purposes. A commission or finders fee will be
paid in connection with a portion of the funds raised in the
private placement.
BIOREM also announces the following changes to its Board of
Directors effective today. Mr. Robert
Nally has completed his term as Chairperson and has been
succeeded by Mr. H.J. (Hank) Vander
Laan, a current Director of the Company. The Company
expresses its appreciation to Mr. Nally, who as founding
Chairperson, helped lead and guide the company to its current
success. Mr. Nally will continue as a Director of the Company. In
addition, Mr. Jeffrey Dreben has
resigned as a Director of the Company enabling him the time to
pursue a number of new projects in the Cleantech sector. The Chair
of the Audit Committee has been assumed by Mr. Stephen Ardia, a current Director of the
Company. The Board wishes to express its sincere appreciation to
Mr. Dreben for his contribution to the founding and growth of
Biorem over many years, from its incubation stage to its current
level of achievement as a leader in air emission control.
"Our industry is privileged to have dedicated individuals like
Robert and Jeff who together for over 20 years have been committed
to supporting and nurturing promising companies developing clean
technologies. They have been pioneers in the Cleantech space in
Canada and I feel certain that
they will continue as leaders in their field. We are fortunate that
we will to continue to have access to Mr. Nally's experience and
insight and we are looking forward to continued input from Mr.
Dreben as well as his schedule will allow," said Peter Bruijns, President and CEO. "We also look
forward to the guidance of Hank Vander
Laan as our new Chairman. His depth of experience in leading
technology companies will be invaluable at this stage in Biorem's
growth."
The Board of Directors has initiated a search process for one or
more new directors to add to the Board.
Mr. Vander Laan founded Trojan
Technologies Inc. in 1976, acquiring the patent for a small
ultraviolet device for private water supply applications. Building
upon that concept he developed a company that is now a global
leader in its field. In 2004 Trojan Technologies Inc. (at the time
a TSX listed company) was acquired by Danaher Corporation. Mr.
Vander Laan has continued to work
with Trojan Technologies Inc. in the role of Senior Advisor. Prior
to founding Trojan Technologies Inc., Mr. Vander Laan was Vice President of Canadian Cable
Systems Limited (currently Rogers Cable Systems) from 1969 to 1977,
where he was responsible for technical operations and personnel for
the largest cable television company in Canada.
About BIOREM Inc.
Biorem is a leading clean technology company that designs,
manufactures and distributes a comprehensive line of
high-efficiency air emissions control systems used to eliminate
odors, volatile organic compounds (VOCs), and hazardous air
pollutants (HAPs). With sales and manufacturing offices across the
continent, a dedicated research facility, a worldwide sales
representative network and more than 600 installed systems
worldwide, Biorem offers state-of-the-art technology-based products
and peace of mind for municipalities, industrial companies and
their surrounding communities. Additional information on Biorem is
available on our website at www.biorem.biz.
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.
SOURCE Biorem Inc.