GUELPH, ON, May 7, 2012 /PRNewswire/ - BIOREM Inc. (TSXV:BRM) is pleased to
announce the initial closing of its private placement of up to 1,400
Units at a price per Unit of $1,000 for gross proceeds of up to $1.4
million. In the initial closing a total of 535 Units were issued for
gross proceeds of $535,000.
Each Unit consists 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
Additional closings of the private placement may occur up until June 4,
2012. 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.