Free Energy International Inc.

Free Energy International Inc.

February 09, 2015 09:45 ET

Free Energy International Inc. Announces Closing of Acquisition of Darelle Media and Completion of Share for Debt Settlement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 9, 2015) - Free Energy International Inc. ("Free Energy" and/or the "Company") (TSX VENTURE:FEE) today announced that it had completed the acquisition of Darelle Media Inc. ("darelle").

The acquisition was completed through the purchase by the Company of all of the issued and outstanding shares of darelle for the purchase price of $725,000, which was paid through the issuance of 14,500,000 common shares of the Company ("Consideration Shares") at a deemed price of $0.05 per share. The Company also agreed to assume outstanding debt of darelle in the amount of $165,625 ("Darelle Debt"), which was settled at closing by the issuance of 3,312,500 common shares at $0.05 per share to nine creditors. 9,956,480 of the Consideration Shares are subject to escrow. There was aggregate Pro-Group Participation of four parties receiving 560,928 Consideration Shares.

darelle is a cause-driven online marketplace designed to bring consumers, businesses and charities together to provide opportunities to buy and sell, while benefiting the community with each transaction. darelle believes it is possible to do good business and good things and backs up that philosophy by donating a percentage of its revenue from every transaction to eligible organizations.

"We are excited to complete the acquisition and believe that the platform developed by darelle will receive strong acceptance from the marketplace," says Dean Bethune, President and CEO of the Company.

darelle was founded by Kyle Kotapski, who will remain President of darelle and has agreed to join the Board of Directors of the Company.

"The evolution and refinement of the platform has taken a few years," says Mr. Kotapski, President of darelle. "We are excited about the Vancouver launch and the chance to demonstrate the opportunities the darelle marketplace provides consumers, local businesses, and worthwhile causes."

Additional information on darelle can be found at

The Company also announced that it has entered into settlement agreements with eleven creditors to settle outstanding debt of $363,875 ("Company Debt"). The Company Debt has been settled by the issuance of 7,277,500 common shares at $0.05 per share ("Settlement Shares"). There was aggregate Insider Participation of one party (Dean Bethune) receiving 4,297,300 Settlement Shares.

The Company also announced its intention to complete a private placement of up to 2,000,000 common shares at $0.05 per share ("Placement"). Proceeds of the Placement will be used to supplement working capital for the Company. Finder's fees may be paid in connection with the Placement in accordance with the policies of the TSX Venture Exchange ("Exchange"). The Placement is subject to approval by the Exchange.

The Company anticipates that the common shares of the Company will resume trading at the opening of trading on Monday February 9, 2015 (TSX VENTURE:FEE).

About Free Energy International Inc.

Free Energy International Inc. is a British Columbia corporation with its head office in Vancouver, British Columbia. The Company is listed on the TSX Venture Exchange as a Tier 2 Technology Issuer. The Company has a total of 51,519,990 common shares issued and outstanding, including the shares issued under the acquisition of darelle, the settlement of the Darelle Debt and the settlement of the Company Debt noted above.

Neither the 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 release.

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