SEAIR INC. ANNOUNCES $5,000,000 UNDERWRITTEN PRIVATE PLACEMENT
Edmonton, Alberta (June 1, 2007) u SEAIR Inc. (TSX:V-SDS) (the Company") is pleased to announce that it has entered into an agreement with Acumen Capital Finance Partners Limited (Acumen"), as lead underwriter, and Paradigm Capital Inc. (collectively, the Underwriters"), pursuant to which the Underwriters have agreed to purchase $5,000,000 secured subordinated convertible debentures of the Company (the Debentures") on an underwritten private placement basis. The Debentures will be issued in denominations of $1,000, mature 5 years from the Closing Date, bear an interest rate of 8% per annum and are convertible at any time at the option of the holder. The conversion price pursuant to the Debentures shall be $2.75 per common share of Seair, such that each Debenture will be convertible into 364 common shares of the Company. Following two years from the Closing Date and up to and including the Maturity Date, the Debentures are also redeemable provided that the 20 day weighted average trading price of the common shares is not less than $3.25 per share. In addition, the Underwriters have the option to increase the size of the Offering by up to an additional $5,000,000 of Debentures on an agency best efforts basis. The bought deal is subject to industry standard disaster out, market out and material adverse change conditions.
Net proceeds from this offering will be used by the Company to fund the build out of the Company's Water Treatment Units. The private placement financing is subject to certain conditions including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The Closing Date is expected to occur on or about June 21, 2007.
About SEAIR
SEAIR is a leading developer of proprietary diffusion and sterilization technologies. These patent-pending technologies allow for the efficient diffusion of gases into a liquid, thereby facilitating numerous applications in a wide variety of industries, including waste water treatment, pulp and paper, food processing, aquaculture, agriculture/horticulture, sterilization, golf course irrigation and pond treatment, animal enhancement and oil and gas. SEAIR's primary focus is developing and selling equipment that diffuses gases, such as oxygen, ozone or carbon dioxide, into a liquid, resulting in a supersaturate solution. The major difference between SEAIR and other diffusion technologies is SEAIR's ability to achieve extremely small bubble size, which in turn allows for the mass transfer of gas to fluid. The result is a stable condition where gases remain in solution for extended periods of time, leading to increased productivity and lower operating costs. SEAIR provides diffusion-enhanced portable wastewater treatment plants through its subsidiary, Seair Septic.
Parties interested in obtaining further information or receiving news releases and corporate documents from SEAIR may e-mail such request to seair@telus.net visit our SEAIR web site at: www.seair.ca .
FOR FURTHER INFORMATION PLEASE CONTACT:
Harold Kinasewich
SEAIR Inc.
T: 780 477 7188
F: 780 477 6622
This news release may contain certain forward-looking statements that reflect the current views and/or expectations of SEAIR INC. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
