Divestco Inc.

Divestco Inc.

September 13, 2011 15:05 ET

Divestco Inc.: Stephen Popadynetz Announces Filing of Report Under NI 62-103

CALGARY, ALBERTA--(Marketwire - Sept. 13, 2011) - Stephen Popadynetz, CEO, President, CFO and Director of Divestco Inc. (TSX VENTURE:DVT) ("Divestco"), paid $460,000 to acquire 2,090,909 units ("Units") of Divestco at a price of $0.22 per unit pursuant to a non-brokered private placement upon its final closing on December 23, 2010. Each unit was comprised of one Class A share ("Share") and one non-transferable share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one Share on or before December 31, 2012, at an exercise price of $0.32 per Share. Immediately prior to this acquisition, Mr. Popadynetz owned or controlled 3,457,574 (8.0%) of the outstanding Shares. Mr. Popadynetz now owns or controls 5,548,483 Shares along with Warrants to acquire an additional 2,090,909 Shares or an aggregate of 12.3% of the outstanding Shares of Divestco on a partially fully diluted basis. Awards that do not vest within 60 days have been excluded from the calculations. Mr. Popadynetz acquired beneficial ownership of, and control or direction over, the Shares pursuant to the offering for investment purposes and advises that it is his current intention to continue to accumulate Shares of Divestco periodically.

The Units acquired pursuant to the offering were issued under the exemption from prospectus requirements set forth in section 2.3 of National Instrument 45-106 on the basis that Mr. Popadynetz is an accredited investor.

This news release is issued pursuant to National Instrument 62-103 - The Early Warning System. Details can be obtained through the supplementary Early Warning Report filed on SEDAR pursuant to securities legislation, a copy of which can be obtained at www.sedar.com or by contacting Danny Chiarastella, Divestco's Vice President, Finance at (587) 952-8027.

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 trades on the TSX Venture Exchange under the symbol "DVT".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    CEO, President and CFO

    Divestco Inc.
    Mr. Danny Chiarastella
    Vice President, Finance