Formation Fluid Management Inc.
TSX VENTURE : FFM

Formation Fluid Management Inc.

June 27, 2016 19:41 ET

Formation Fluid Announces Closing of Second and Final Tranche of Private Placement Financing

CALGARY, ALBERTA--(Marketwired - June 27, 2016) - Formation Fluid Management Inc. (DBA Formation Fluid Technology Inc.) (TSX VENTURE:FFM) ("FFM" or the "Corporation") announces that it has closed the second and final tranche of its non-brokered private placement (the "Offering") previously announced on May 5, 2016. The Corporation issued 200,000 units (the "Units") at a price of $0.06 per Unit in the second tranche for gross proceeds to the Corporation of $12,000. Together with the first tranche, the Corporation has issued a total of 7,233,366 Units under the Offering for aggregate gross proceeds of $434,002. The common shares and the warrants comprising the Units issued are subject to a four month hold period from the date of issuance. The aggregate proceeds of the Offering will be used for general working capital purposes.

About the Corporation

Formation Fluid Management Inc. has developed a three stage waste water treatment plant (Hydro-Cycle) that uses a proprietary process to clean waste water. Each plant is mobile and can process up to 1000 m3 of water per day. This system treats water to meet or exceed CCME Guidelines (Canadian Environmental Quality Guidelines), resulting in reusable water that can be used for: Boilers, Frac Water, Water Floods, and Drilling Operations. Formation Fluids has identified commercial applications for the Hydro-Cycle system within the oil and gas industry. The waste water treatment system has a primary use to reduce producers' costs of dealing with produced water. The system also satisfies the need to reuse and recycle an increasing valuable resource.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Statements in this news release may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including the risk that the proposed Offering is delayed or not completed for any reason. The Corporation believes that the expectations reflected in the forward-looking statements contained in this news release are reasonable, but no assurance can be given that they will prove to be correct. Actual results and future events may differ materially from those anticipated and accordingly forward-looking statements should not be unduly relied upon. Forward-looking statements contained in this document speak only as of the date of this news release. Except as required by applicable law, the Corporation disclaims any obligation to update any forward-looking information.

This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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

Contact Information

  • Formation Fluid Management
    Ken Rose, Chief Executive Officer
    Investor Inquiries: 1 (403) 550-4421
    E-mail inquiries: info@fftinc.ca