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Bullboard - Stock Discussion Forum Intercept Energy Services Inc IESCF

Intercept Energy Services Inc is an oilfield services company in Canada. It engages in providing heated water used by oil and gas exploration and production companies in the fracturing process in Canada and the United States. It uses HE Heaters to reduce fuel consumption and emissions. The company also provides equipment to support the oil industry with products that focus on efficiency as well... see more

GREY:IESCF - Post Discussion

Intercept Energy Services Inc > News Release Closes First Tranche Private Placemen
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Post by InvestorO on Jun 03, 2013 8:43pm

News Release Closes First Tranche Private Placemen

June 3, 2013 - Global Green Matrix Corporation ("GGX" or the "Company") - TSX Venture: Global Green announces that it has closed on the first tranche of a non- brokered private placement for gross proceeds of up to $3,000,000. The offering consists of common shares in the Company offered at a price of $0.075 per share. The Company has received gross proceeds of $600,000 for the first tranche.

The shares will be subject to a four month hold period from the date of closing. On receiving approval the Company may also pay a finder's fees of up to $60,000 cash to qualified finders.

The closing of the first tranche of the private placement is subject to approval by the TSX Venture Exchange.

The Company will proceed with the balance of the offering and intends to use the proceeds to finance 3 new frac water heating units (the "Units") used in the work performed by its subsidiary Intercept Rentals. The estimated cost of the units is $2.1 million with the balance to be used for working capital.

About Global Green Matrix Corp.

(www.globalgreenmatrix.com)Global Green Matrix Corp is an Oilfield Services Firm primarily focused on servicing oil and gas companies and their fracking operations. Through its wholly owned subsidiary, Intercept Rentals, the Company currently owns and operates one truck and one trailer mounted water-heating unit, called "Big Heat." Global Green rents these units to various oil and gas companies that require heated water for their fracking operations. The Company has plans to add an additional four heating units within the next few months.

ABOUT INTERCEPT RENTALS:

(www.interceptrentals.com)Intercept Rentals is a registered trade name of 1503866 Alberta Ltd., a wholly owned subsidiary of Global Green Matrix Corp. The subsidiary company has obtained the exclusive right to own and operate a new patent pending technology that provides a highly efficient and safe method of heating water used by oil companies in their fracking operations.

For further information visit our website at www.globalgreenmatrix.com, email at info@globalgreenmatrix.com or contact:

Global Green Matrix Corp.

Randy Hayward, President

Phone: 250-247-8689 or 604-687-8855

Investor Relations and Communications

Buchalter Consulting

Toll free 1 866 631 6537 Fax: 604-628-5001

stan.buchalter@buchalterconsulting.ca

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 News Release

Copyright (c) 2013 TheNewswire - All rights reserved.

Comment by Stooge on Jun 03, 2013 9:57pm
So this is a new private placement ... the third attempt to raise funds to buy more frac water heating units. They have closed on one fifth of the total but had to give back a whopping 10% in finders' fees. Well I hope they make it but their worst enemy is their long history of failed endeavors.
Comment by jimrockford on Jun 05, 2013 4:02pm
Stooge, I gotta ask - do you have any point of reference at all? Closing $600k in June in a bad market is impressive. The entities that are able to do any corporate finance at all can pick and choose as they like who they give monies to. A company paying 10% in finders'fees is not "whopping." GGX needed money to expand a rapidly growing business, so they paid the going rate ...more