FSI Energy Services Inc.

FSI Energy Services Inc.

October 05, 2012 12:24 ET

FSI Announces Completion of Non-Brokered Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2012) - FSI Energy Group Inc. (TSX VENTURE:FSI) ("FSI") is pleased to announce that it completed the non- brokered private placement of common shares previously announced on June 27, 2012. FSI received final approval of the private placement from the TSX Venture Exchange on September 25, 2012.

The private placement involved the issuance of 5,500,000 common shares at $0.10 per common share, for gross proceeds of approximately $550,000. 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. Each common share includes a one-half warrant exercisable at any time up to one year after the closing date, at a price of $0.15 per common share.

Directors and officers of FSI acquired approximately 63% of the common shares under the private placement in the amounts shown below:

Name Subscription Amount: Number of Common Shares
Ian Ball,
CFO and Vice President $ 100,000 1,000,000 common shares
Perry Ball,
Vice President $ 100,000 1,000,000 common shares
Richard Ball,
President and CEO $ 105,000 1,050,000 common shares
Douglas Keller,
Director $ 15,000 150,000 common shares
Dennis Nerland,
Chair, Board of Directors $ 15,000 150,000 common shares
Robert Spiller,
Director $ 15,000 150,000 common shares

About FSI

Through its wholly owned subsidiary FSI International Services Ltd., FSI Energy Group 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 Group Inc.
    Richard Ball
    President and CEO
    (403) 571-4230
    (403) 230-3106 (FAX)