CALGARY, Nov. 23, 2016 /CNW/ - Seair Inc. (TSX
VENTURE:SDS) ("Seair" or the "Company") is
pleased to announce that it has entered into an agreement with
1979927 Alberta Ltd. (the "Lender") pursuant to which the
Lender has agreed to loan Seair the aggregate principal amount of
$215,125 (the "Loan").
The Company anticipates using the proceeds from the Loan for
working capital purposes, provided, however that the Loan shall
not, without prior written consent of the Lender, be used for
payment of any previously accrued amounts outstanding to any
employee of the Company. The Loan bears interest at a rate
of: (i) 17% per year compounded monthly in arrears from the date of
each advance and including the Maturity Date (as hereinafter
defined) and (ii) 22% per year compounded monthly in arrears from
the day after the Maturity Date until the Loan and all interest
thereon have been repaid in full. The Loan matures on the
earlier of: (i) February 21, 2017,
and (ii) the issuance of a notice of an event of default by the
Lender to Seair that has not been cured within ten business days
(the "Maturity Date").
In connection with the Loan, the Company has granted the Lender
a security interest in all of the Company's present and
after-acquired personal property, subject to certain permitted
encumbrances and ranking pari passu with certain other
creditors of the Company.
About Seair
Seair Inc. is a Calgary-based
cleantech company. Seair has commercialized proprietary technology
that can diffuse gases, such as oxygen, ozone and carbon dioxide,
into liquids more effectively and with lower power consumption than
the competition. Seair's patented technologies can produce micron
size bubbles that are more efficient than other diffusion
technologies because the diffused gases remain in solution for
extended periods of time, leading to increased productivity and
lower operating costs. Seair has been working with customers in the
oil and gas industry for over five years. Seair applications
include oil sands SAGD water solutions, frac and produced water
treatment, industrial ponds treatment, mine dewatering/treatment,
end-to-end sewage treatment for permanent residential communities
and remote work camps, golf course irrigation and pond treatment
and most recently, industrial emissions treatment. Parties
interested in obtaining further information or receiving news
releases and corporate documents from Seair may email such requests
to info@seairinc.com or visit the Seair website at
www.seairinc.com.
Statement Regarding Forward-Looking Information
This news release of Seair contains statements that constitute
"forward-looking statements." Such forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Seair's actual results, performance or achievements,
or developments in the industry to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this document include
statements regarding Seair's expectations regarding the use of
proceeds from the Loan. There can be no assurance that such
statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements, and readers are cautioned not to place undue reliance
on these forward-looking statements. Any factor could cause actual
results to differ materially from Seair's expectations. Seair
undertakes no obligation to update these forward-looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change
Neither the 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 Seair Inc.