Happy April Fools Day, I reckon RPC is taking the day offJust for nostalgia sake, eleven months ago we had this:
"
This Private Placement represents the first tranche of SEH’s investment in Raise. The second tranche for 3,633,333 common shares of Raise at $0.24 per share for gross proceeds of $872,000 resulting in SEH holding approximately 12.86% of Raise’s issued and outstanding common shares will close upon the receipt of approval from the TSX Venture Exchange (“TSXV”). The securities issued pursuant to the Private Placements will be subject to a four month hold period from the date of issuance. The proceeds received by the Company from the Private Placement will be used for commercialization of the High Angle Lift Solution (“HALS”) in the USA and international markets, hiring critical staff for commercialization, purchasing HALS inventory and working capital. In conjunction with the Private Placement, Raise will be amending its current distribution agreement with SEH to grant SEH exclusivity for the sale of all Raise’s products in the USA, through one of SEH’s companies, Endurance Lift Solutions (“ELS”).
The financing is an endorsement by SEH and its private equity owners, Crestview Partners and B29 Investments, LP, as to the need and applications for the technology supplied by Raise. The financing will also allow the company to reinforce its Canadian operations and international options.
Eric Laing, President and CEO said:
“The financing by our USA partner will allow us to move quickly into full commercialization in North America and select international locations. The fact that ELS and their private equity owners have shown confidence to invest in the Company is an endorsement of their belief in the technologies developed and future technologies we can work on together. It also shows the direction ELS wishes to pursue to become a technology leader in horizontal well optimization. We are excited to deepen our partnership with ELS and look forward to a rewarding partnership for (them) both entities.