FSI Energy Services Inc.

FSI Energy Services Inc.

June 29, 2011 17:48 ET

FSI Announces Completion of Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwire - June 29, 2011) - FSI Energy Services Inc. (TSX VENTURE:FSI) ("FSI") is pleased to announce that it has closed a non- brokered private placement of 4,545,446 common shares at $0.11 per common share, for gross proceeds of approximately $500,000. The common shares issued in connection with the private placement are subject to a four-month hold period from the closing date, as prescribed by the TSX Venture Exchange and applicable securities laws.

Directors and officers of FSI acquired approximately 50% of the common shares under the private placement, including Richard Ball, President and CEO and a Director, Ian Ball, CFO and Vice-President and a Director, and Perry Ball, Vice-President, each of whom subscribed for $83,333 or 757,573 common shares. Such participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any common shares issued to nor the consideration paid by such persons exceeded 25% of FSI's market capitalization calculated as of the close of trading on the TSX Venture Exchange at the time the private placement was agreed to.

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Services Inc. is a Calgary-based manufacturing and service company specializing in customized filtration, filtration- related technologies and Brine Plants for the energy, chemical, and water treatment industries.

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.

Contact Information

  • FSI Energy Services Inc.
    Richard Ball
    President and CEO
    (403) 571-4230
    (403) 230-3106 (FAX)