E.S.I. Environmental Sensors Inc.
TSX VENTURE : ESV

E.S.I. Environmental Sensors Inc.

October 09, 2014 18:05 ET

ESI Closes $313,000 Private Placement

VICTORIA, BRITISH COLUMBIA--(Marketwired - Oct. 9, 2014) - E.S.I. Environmental Sensors Inc. ("ESI" or the "Company") (TSX VENTURE:ESV) is pleased to announce the closing of a private placement for gross proceeds of $313,667.45. The Company will issue 6,273,349 common shares and 6,273,349 non-transferable share purchase warrants (a "Warrant") on October 10th, 2014. Each Warrant is exercisable into an additional common share for a period of three years, expiring on October 10th, 2017. The Warrants are exercisable at a price of $0.10 during the first year, $0.15 during the second year, and $0.20 during the third year.

The TSX Venture Exchange ("Exchange") has accepted the Company's filings with respect to the private placement. The proceeds from this financing will be used for general working capital purposes. The Company has paid $24,166.75 in cash finder's fees. All common shares are subject to a four month hold period ending on February 7, 2015. Any common shares issued as the result of the conversion of warrants will also be subject to the same hold period.

The new issued and outstanding common shares of the Company will now total 164,987,509. Avis Financial Corporation ("AFC"), the Company's majority shareholder invested a further $72,000 in ESI, purchasing 1,440,000 common shares and 1,440,000 warrants through the private placement. AFC now owns 56.4% of the Company, a decrease of 1.3% from their prior ownership level.

About ESI

ESI is a leading manufacturer of patented and proprietary solutions for environments where understanding the presence, movement, and/or amount of water are important. Major market sectors include: agriculture, golf and turf, scientific research, civil engineering and crude oil production. ESI solutions have been successfully introduced into more than 40 countries to enable customers to optimize their operations by monitoring the presence and movement of water, managing irrigation systems, and monitoring the integrity of landfill covers. The Company's FloPoint™ instrument was designed for the oil industry to measure the volumetric presence of water pumped during crude oil extraction for characterization and optimization of the process. ESI differentiates itself by translating the best technology and science available into practical, easy to use solutions. Irrigation managers, Reservoir Engineers, and Scientists have adopted ESI's products for their accuracy, ease of use, repeatability, and ability to operate in challenging environments. ESI is publicly traded on the TSX Venture Exchange under the symbol "ESV". Further information about ESI may be obtained through the Company's website at www.esisensors.com.

On behalf of the Company:

Bernard Beauchesne, Chief Operating Officer

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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