IRI Separation Technologies Inc.
TSX VENTURE : IRI

IRI Separation Technologies Inc.

July 15, 2008 09:00 ET

IRI Separation Technologies Inc.-Private Placements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 15, 2008) - IRI Separation Technologies Inc. (TSX VENTURE:IRI) is pleased to announce a private placement consisting of a minimum 4,000,000 units and a maximum 7,333,333 units at $0.15 per unit (a "Unit"), for gross proceeds of a minimum $600,000 up to a maximum $1,100,000. Each Unit consists of one common share and one non-transferable warrant, each warrant entitling the holder to purchase one common share for 18 months at $0.30 per share.

The private placement will be completed on a brokered basis. The broker, Wellington West Capital Inc., will receive compensation in the following manner: 1) Broker commission of 8% and 2) Broker Warrants consisting of Common Share purchase warrants equal to 10% of the number of Units sold pursuant to the offering. Each Broker Warrant shall entitle the holder thereof to purchase one common share at a price of $.15 for a period of 18 months from the date of issuance.

In addition the company will be offering up to 2,200,000 Units on a non brokered basis for gross proceeds of up to $330,000. The Units offered under the non brokered private placement have the same terms as the Units under the brokered private placement.

The proceeds from the sale of the Units will be used for the Advertising and Promotional Program associated with the launch of the Company's retail MUNO product line, and general working capital.

All securities are subject to resale restrictions under applicable securities Laws.

The brokered and non brokered private placements are subject to the acceptance of the TSX Venture Exchange.

About IRI Separation Technologies Inc.

IRI Separation Technologies Inc. (TSX VENTURE:IRI) is a biotechnology company that specializes in the extraction, development and commercialization of polyclonal immunoglobulin antibodies for virus and bacteria related health issues. Intended for use as a nutraceutical for human consumption, the antibodies are derived from chicken eggs. The immunoglobulin antibodies are intended for both the general and specific antibody market.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • IRI Separation Technologies Inc. - Investor Relations
    Paul Frigstad
    Manager of Investor Relations
    (604) 929-7332
    (888) 822-9231 (FAX)
    Email: pfrigstad@iriseparation.com
    or
    IRI Separation Technologies Inc.
    R Bayne
    President
    (778) 241-4869
    (604) 854-6599 (FAX)
    Email: rbayne@iriseparation.com