Divestco Inc.

Divestco Inc.

December 16, 2010 13:59 ET

Divestco Announces Private Placement of Units

CALGARY, ALBERTA--(Marketwire - Dec. 16, 2010) - DIVESTCO INC. (TSX VENTURE:DVT) ("Divestco" or the "Corporation"), is pleased to announce that the previously announced offering of up to 10,500,000 units ("Units") for gross proceeds of up to $2,310,000.00 at a price of $0.22 per Unit is over subscribed. Each Unit will be comprised of one Class A share of Divestco (the "Share") and one non-transferable share purchase warrant ("Warrant") and each Warrant will entitle the holder to purchase one Share on or before December 31, 2012 at an exercise price of $0.32 per Share. Each subscriber is required to subscribe for at least 454,546 Units for a minimum subscription of $100,000.12. Divestco is seeking approval from the TSXV to increase the offering. The Units will be issued pursuant to prospectus exemptions and will have a four month hold period. Closing is scheduled for December 23 and it is expected that employees, directors and officers will subscribe for a significant portion of the offering. Interested parties are invited to contact Stephen Popadynetz to obtain Subscription Agreements.

About Divestco Inc.

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and will trade on the TSX Venture Exchange under the symbol "DVT".

Statements in this document that may be considered forward-looking are based on management's current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.

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 news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer