Investors: 2005 Press Release Archive
HSE Integrated Ltd. Closes $12 Million Equity Financing
NEWS RELEASE - June 23 , 2005
HSE Integrated Ltd. ("HSE" or the "Company") which trades under "HSL" on the TSX Venture Exchange is pleased to announce that it has closed a previously announced (June 2, 2005) agreement with First
Associates Investments Inc. pursuant to which First Associates Investments Inc., together with Jennings Capital Inc. (the "Underwriters"), have purchased 5,263,200 Units, at a price of $1.90 per Unit. The Underwriters have also exercised their option to purchase up to an additional 1,100,000 Units at the unit issue price. The offering, after including the full exercise of the Underwriters' option, resulted in gross proceeds to the Company of over $12 million before expenses and commissions associated with the offering.
Each Unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire a common share at a price of $2.40 at any time on or before June 23, 2007. The hold period for the common shares and warrants will expire on October 24, 2005.
The proceeds raised from the offering shall be used by HSE to fund capital expenditures and for general corporate purposes.
David Yager, Chairman and CEO of HSE, had the following comments on the Companys' first "bought deal" equity financing.
"This financing is a tremendous vote of confidence by the investment community in HSE's business plan and prospects for the future. This capital will permit us to continue the strategic acquisition and integration of smaller industrial safety companies and assets into a single, larger business unit. The larger HSE becomes, the more capable it will be in assisting our clients to better protect their workers, assets and the community in their larger and more complex commercial endeavors."
HSE is an integrated supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta, it serves its clients from eleven field service locations in Alberta and British Columbia. HSE trades on the TSX Venture Exchange under the symbol "HSL".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information please contact:
David Yager, Chairman & CEO
Telephone: (403) 266-1833
E-Mail:
Tony Hidalgo, Chief Financial Officer
Telephone: (403) 266-1833
E-Mail: