OTTAWA, May 23, 2018 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), winner of the Frost & Sullivan 2017 Best Practices Award for Enabling Technology Leadership in the Global Decentralized Water and Wastewater Treatment Industry, today announced that it issued a new C$1,650,000 5 year term convertible debenture. The effective issue date is May 15th 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 September 16th, 2018.
The Company had 102,027,729 issued and outstanding shares and 151,646,062 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 159,896,062 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.
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Kevin Loiselle, President & CEO, Clearford Water Systems Inc., Phone: (613) 599-6474 ext. 303, www.clearford.comCopyright CNW Group 2018