Bennett Environmental Inc.

Bennett Environmental Inc.

April 15, 2010 07:23 ET

Bennett Environmental Inc. Announces $17.5 Million Bought Deal Offering

TORONTO, ONTARIO--(Marketwire - April 15, 2010) -


Bennett Environmental Inc. ("Bennett") (TSX:BEV) today announced that it has entered into an agreement with Jennings Capital Inc. pursuant to which the underwriter has agreed to purchase from Bennett, on a "bought deal" basis, an aggregate of 5,737,705 units ("Unit") at a price of $3.05 per Unit for gross proceeds to Bennett of $17.5 million. Each Unit will consist of one common share of the Company and one-half of one warrant of Bennett (each whole warrant a "Warrant"), with each Warrant entitling the holder thereof to purchase one common share of the Company at a price of $3.75 for a period of 24 months after the date of the closing of the Offering.

Bennett has agreed to grant the underwriter an over-allotment to purchase an additional 15% of the offering, which option shall be exercisable for 30 days following the closing of the offering to cover over-allotments and for market stabilization purposes.

In connection with the offering, Bennett will file a short form prospectus in the applicable provinces of Canada. The offering is expected to close on or about May 7, 2010. The transaction is subject to the receipt of all necessary regulatory approvals, including the acceptance and approval of the Toronto Stock Exchange. The net proceeds from the offering will be used for potential acquisitions and for general working capital purposes of the Company.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Forward-looking statements

This press release contains certain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Bennett to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, risks relating to the proposed timing and closing of the financing described in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Bennett expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

About Bennett

Bennett Environmental Inc. is a North American leader in high temperature treatment services for the treatment of contaminated soil and has provided thermal solutions to contamination problems throughout Canada and the U.S. Bennett Environmental's technology provides for the safe, economical and permanent solution to contaminated soil. Independent testing has consistently proven that the technology operates well within the most stringent criteria in North America. For information, please visit the Bennett Environmental website at:

Contact Information

  • Bennett Environmental Inc.
    Jack Shaw
    (905) 339-1540