 |
 |
| PRESS RELEASE |
|
WAVEFRONT TECHNOLOGY SOLUTIONS INC. |
For Immediate Release: |
Wavefront Technology Solutions Inc.Closes $21.9 Million Private Placement Cautionary
Disclaimer – Forward Looking Statements THE TSX VENTURE EXCHANGE NEITHER
APPROVES NOR DISAPPROVES THE CONTENTS OF THIS RELEASE WHICH WAS PREPARED
SOLELY AT THE DISCRETION OF MANAGEMENT
EDMONTON, Alta April 26, 2010- Wavefront Technologies Solutions Inc.
(“Wavefront”) is pleased to announce that it has closed a brokered private
placement consisting of 10,438,170 units at a price of $2.10 per unit for
gross proceeds of $21,920,157. The Offering was led by Casimir Capital LP,
and included Haywood Securities Inc (the “Agents”). Each unit consists of
one common share (“Share”) and ½ of one non-transferable share purchase
warrant. Each whole warrant (the “Warrant”) entitles the holder to purchase
an additional common share at a price of $2.75 per share for 12 months
expiring on April 27, 2010, subject to an accelerated expiry date;
commencing on August 27, 2010, if the volume weighted average trading price
of a Share on the TSX Venture Exchange, or any other stock exchange on which
the Shares are then listed, is at a price equal to or greater than CAN $3.15
for a period of more than 20 consecutive trading days, Wavefront will have
the right to accelerate the expiry date of the Warrants by giving written
notice to the holders of the Warrants that the Warrants will expire on the
date that is not less than 30 days from the date notice is provided by
Wavefront to the holder of the Warrant. In connection with the private
placement, a cash agent’s fee of 8%, totalling $1,474,766 was paid.
In accordance with securities legislation currently in effect, the
securities issued will be subject to a “hold period” of four months plus one
day from the date of closing, expiring August 27, 2010.
The proceeds of the private placement will be used to increase Powerwave and
Primawave tool inventory, to finance an expansion plan, and for general
working capital.
Wavefront President, Brett Davidson stated, "These are very exciting times
at Wavefront as many significant opportunities lay ahead. The funds raised
in the Private Placement ensure a healthy balance sheet as we move forward
with a strategic plan to advance both North American and International
expansion plans. We appreciate the confidence the investment community has
placed in Management and the Board of Directors to bring these plans to
fruition."
The offered securities will not be registered under the United States
Security Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from such
registration requirements. This news release shall not constitute an offer
to sell of an offer to buy the offered securities in any jurisdiction.
For further information please contact:
D.
Brad Paterson, CFO
780-486-2222 ext. 224 Tel
investor.info@onthewavefront.com
On behalf of the Board Of Directors, Wavefront Energy & Environmental
Services Inc.
“D. Brad Paterson” (signed)
D. Brad Paterson, CFO and Director
Certain statements contained herein regarding Wavefront and its operations constitute “forward-looking statements”
within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of
1995. All statements that are not historical facts, including without limitation statements regarding future
estimates, plans, objectives, assumptions or expectations or future performance, are “forward-looking statements”.
In some cases, forward-looking statements can be identified by terminology such as ‘‘may’’, ‘‘will’’, ‘‘should’’,
‘‘expect’’, ‘‘plan’’, ‘‘anticipate’’, ‘‘believe’’, ‘‘estimate’’, ‘‘predict’’, ‘‘potential’’, ‘‘continue’’ or the
negative of these terms or other comparable terminology. We caution that such “forward-looking statements” involve
known and unknown risks and uncertainties that could cause actual results and future events to differ materially
from those anticipated in such statements. Such factors include fluctuations in the acceptance rates of Wavefront’s
Powerwave and Primawave Processes, demand for products and services, fluctuations in the market for oil and gas
related products and services, the ability of Wavefront to attract and maintain key personnel, technology changes,
global political and economic conditions, and other factors that were described in further detail in Wavefront’s
continuous disclosure filings, available on SEDAR at www.sedar.com. Wavefront expressly disclaims any obligation to
up-date any “forward-looking statements”, other than as required by law.