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For Immediate Release |
TSX-V: WEE |
EDMONTON, Alta. September 1, 2005/ Wavefront Energy and Environmental Services
Inc., a provider of innovative technologies for fluid flow optimization and
monitoring processes, is pleased to announce that it is closing a non-brokered
private placement (the “Private Placement”) for gross proceeds of $450,600.
The Private Placement consisted of 1,959,161 units (“Units”), each unit
consisting of one common share (“Shares”) and one share purchase warrant
(“Warrant”). The Shares were issued at a price of $0.23 per share and each
Warrant is exercisable at $0.40 for a period of one year from the date of
closing, expiring September 1, 2006. All securities issued under the Private
Placement will have a four-month hold period expiring January 1, 2006. Insiders
of the Company acquired 276,767 Units of the Private Placement. A finder’s fee
of 128,696 Shares will be paid to two arms length individuals on a portion of
the Private Placement.
The proceeds from the Private Placement will be used to manufacture additional
DeepWave systems and for unallocated working capital.
Wavefront also wishes to announce that the Company will file, in accordance
with TSX Venture Exchange policy, a Summary Form disclosing the granting of an
aggregate of 240,000 incentive stock options pursuant to the Company's Stock
Option Plan. The stock options will be granted to the three independent
directors of the Company. The options will be exercisable at a price of $0.40
per share, for a period of five years. The options are subject to a hold period
of 4 months and vesting period of 18 months, in accordance with the Company's
Stock Option Plan and Exchange policy.
About Wavefront Energy and Environmental Services Inc.
Wavefront develops, markets, and licenses proprietary technologies in the energy
and environmental sectors. The Company’s DeepWave technology for fluid flow
optimization has been demonstrated to increase oil recovery. Within the
environmental sector, DeepWave accelerates contaminant recovery and improves
in-ground treatment of groundwater contaminants thereby reducing liabilities and
restoring the site to its natural state more rapidly.
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For further information please
contact: |
D. Brad Paterson, CFO 780-486-2222 x224 Tel investor.info@onthewavefront.com |
ON BEHALF OF THE BOARD OF DIRECTORS
WAVEFRONT ENERGY AND ENVIRONMENTAL SERVICES INC.
“D.
D.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES THE CONTENTS OF THIS NEWS RELEASE WHICH WAS PREPARED SOLELY AT THE DISCRETION OF MANAGEMENT.