GUELPH, ON, June 4, 2012 /PRNewswire/ - BIOREM Inc.
(TSXV:BRM) is pleased to announce the final closing of its private
placement. In the initial closing, a total of 535 Units were issued
for gross proceeds of $535,000.
Subsequently, an additional 124 units were closed which brought the
total units closed to 659 units for total gross proceeds of
$659,000.
Each Unit consisted of $1,000
principal amount of 8.00% convertible extendible secured
subordinated debentures (the "Debentures") with a maturity date 2
years from the date of issuance and 2,808 common share purchase
warrants (the "Warrants"). The Debentures are convertible
into fully paid and non-assessable Common Shares of the Company at
the option of the holder at any time over their term at a price of
$0.178 per Common Share. The
maturity date of the Debentures can be extended to the fifth
anniversary date of the issuance date of the Debentures by holders
of 66.67% of the then outstanding principal amount of
Debentures. The Debentures can be prepaid in full at any time
by the Company upon giving holders 15 days notice of
prepayment. Each Warrant entitles the holder to purchase one
common share at a price of $0.178 per
share for a period of two (2) years from issuance. All
securities issued pursuant to the Private Placement will be subject
to a four month hold pursuant to applicable securities
legislation.
BIOREM intends to use the proceeds from the private placement for
working capital and general corporate purposes.
About BIOREM Inc.
BIOREM is a leading clean technology company that designs,
manufactures and distributes a comprehensive line of
high-efficiency air emissions control systems used to eliminate
odors, volatile organic compounds (VOCs), and hazardous air
pollutants (HAPs). With sales and manufacturing offices across the
continent, a dedicated research facility, a worldwide sales
representative network and more than 600 installed systems
worldwide, BIOREM offers state-of-the-art technology-based products
and peace of mind for municipalities, industrial companies and
their surrounding communities. Additional information on Biorem is
available on our website at www.biorem.biz.
Neither 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 release.
SOURCE Biorem Inc.