BIOREM Technologies Inc. Announces Proposed Private Placement of Up to $1.5 Million of Units
Published: Jul 02, 2012
BIOREM anticipates that insiders may subscribe for greater than 25% of the private placement. The issuance of Units to insiders pursuant to the private placement is considered to be a related party transaction subject to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. Biorem intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(c) and 5.7(b) of Multilateral Instrument 61-101 on the basis that the private placement constitutes a distribution of securities for cash to insiders which is within the parameters of those sections.
In addition, the Board of Directors is pleased to announce the appointment of Mr. Bernardo Llovera to the role of Chair of the Board, replacing Hank Vander Laan, who remains on the board.
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.