VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
International Wastewater Systems Inc. (the "Company") (CSE:IWS)(CSE:IWS.CN)(FRANKFURT:IWI)(OTC PINK:INTWF) is pleased to announce an initial closing of the first tranche of the Company's private placement (the "Placement") previously announced on November 30, 2016.
Pursuant to the first tranche of the Placement, which is offered on a non-brokered basis, the Company has completed an initial closing issuing 2,275,333 common shares ("Shares") at a price of $0.30 per Share for gross proceeds of $682,600.10. The Company has paid cash commission in the amount of $38,287.51, being 7.5% of the aggregate proceeds from the sale of Shares to purchasers introduced by the finders. The Company has also issued non-transferrable warrants ("Finder's Warrants") to acquire a total of 127,625 Shares, being 7.5% of the number of Shares sold under the first tranche of the Placement to purchasers introduced by the finders. Each Finder's Warrant entitles the holder to purchase one Share at a price of $0.30 for two years from the closing date. All securities issued in connection with this initial closing of the Placement are subject to a statutory hold period expiring on April 24, 2017 in accordance with applicable securities legislation.
ON BEHALF OF THE BOARD
Lynn Mueller, Chairman and Chief Executive Officer
About International Wastewater Systems Inc.
International Wastewater Systems Inc. is a world leader in thermal heat recovery. IWS systems recycle thermal energy from wastewater, generating the most energy efficient and economical systems for heating, cooling & hot water for commercial, residential and industrial buildings. IWS is publicly traded in Canada (CSE:IWS), the United States (OTC PINK:INTWF) and Germany (Frankfurt:IWI).
The CSE does not accept responsibility for the adequacy or accuracy of this release.