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ESV

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Last Updated: -
Delayed by 15 minutes
Share Name Share Symbol Market Type
TSXV:ESV TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

ESI Closes $550,000 Private Placement

21/01/2014 4:02pm

Marketwired Canada


E. S. I. Environmental Sensors Inc. ("ESI" or the "Company") (TSX VENTURE:ESV)
is pleased to announce the closing of the Company's private placement for gross
proceeds of $548,676.60. The Company closed the private placement in two
tranches. The Company has issued a total of 10,973,532 common shares and 400,000
common shares for finder's fees. As well, the Company has issued 10,973,532
warrants (a "Warrant"). Each Warrant is exercisable into an additional common
share for a period of three years from the date of issuance. The Warrants will
be exercisable at a price of $0.10 for the first year following the closing of
the transaction, $0.15 for the second year following closing, and $0.20 for the
third year following closing.


The TSX Venture Exchange has ("Exchange") accepted the Company's filings with
respect to the private placement. The proceeds from this financing will be used
for general working capital purposes. The Company has issued 400,000 common
shares as payment of finder's fees and also $2,667.66 in cash finder's fees. 


Due to the fact that the private placement was completed in two tranches, there
are two hold period expiry dates and two warrant expiry dates associated with
the shares and warrants issued. The first tranche four month hold period on
7,190,000 common shares expires March 18, 2014; the second tranche four month
hold expires on 4,183,532 common shares expires May 6, 2014. Any common shares
issued as the result of conversion of warrants will also be subject to the same
hold periods. In addition, 6,940,000 warrants will expire on November 18, 2016,
while 4,033,532 warrants will expire on January 6, 2017.


The new issued and outstanding common shares of the Company now total
158,714,160. Avis Financial Corporation ("AFC"), the Company's majority
shareholder invested a further $176,000 in ESI, purchasing 3,520,000 common
shares and warrants through the private placement. After the closing of the
private placement AFC now owns 57.7% of the Company, a decrease of 2% from their
prior ownership level.


The Company also wishes to announce that Stephan Radermacher, the Chairman of
the Board of Directors for ESI, has been appointed to act as Interim CEO of the
Company. Mr. Radermacher has been serving as Chairman of the Board of ESI since
his appointment in 2011.


About ESI

ESI is a leading manufacturer of patented and proprietary solutions for
environments where understanding the presence, movement, and/or amount of water
are important. Major market sectors include: agriculture, golf and turf,
scientific research, civil engineering and crude oil production. ESI solutions
have been successfully introduced into more than 40 countries to enable
customers to optimize their operations by monitoring the presence and movement
of water, managing irrigation systems, and monitoring the integrity of landfill
covers. The Company's Flo.Point(TM) instrument was designed for the oil industry
to measure the volumetric presence of water pumped during crude oil extraction
for characterization and optimization of the process. ESI differentiates itself
by translating the best technology and science available into practical, easy to
use solutions. Irrigation managers, Reservoir Engineers, and Scientists have
adopted ESI's products for their accuracy, ease of use, repeatability, and
ability to operate in challenging environments. ESI is publicly traded on the
TSX Venture Exchange under the symbol "ESV". Further information about ESI may
be obtained through the Company's website at www.esisensors.com.


On behalf of the Company:

Bernard Beauchesne, Chief Operating Officer

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Investor Relations:
E.S.I. ENVIRONMENTAL SENSORS INC.
2071C Malaview Avenue West
Sidney, BC V8L 5X6
250.655.3211 or 1-800.799.6324
investor.relations@esica.com


Media Contact:
Bernard Beauchesne
250.655.3211 or 1-800.799.6324
bbeauchesne@esica.com
www.esica.com

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