Interesting NBPP... RMS Systems Inc. ("RMS" or the "Corporation") (TSX VENTURE:RMS) is pleased to announce that it has agreed to raise approximately $3,000,000 in a non-brokered private placement financing (the "Offering") by issuing 20,000,000 common shares (the "Common Shares") at a price of $0.15 per Common Share to PHX Energy Services Corp. ("PHX"). RMS and PHX have also agreed to enter into a bridge financing for $1,000,000 (the "Bridge Loan") upon receipt of the conditional acceptance of the Offering by the TSX Venture Exchange ("TSXV"). PHX is the Corporation's joint venture partner in its 50% subsidiary RigManager International Inc. Closing of the Offering is subject to, among other things, the approval of the shareholders of RMS, excluding those shares currently held by PHX, and the approval of the TSXV.
Upon closing of the Offering, PHX will hold 31,501,000 Common Shares, or approximately 39.8% of the outstanding Common Shares, which will result in the creation of a new control person of RMS, as defined in the rules of the TSXV, and as such requires approval of at least 50% of "disinterested" shareholders of RMS.